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Uzma wins Petronas hydraulic workover unit umbrella contract

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Small packages of work continue to trickle through in the Malaysian oil and gas (O&G) space as Petronas exploration and production (E&P) unit Petronas Carigali carefully allots out contracts, with service provider Uzma announcing it had been awarded a three-year with one-year option umbrella contract for the provision of a hydraulic workover unit.

The contract, awarded to its Uzma Engineering unit, began on Feb 6, Uzma said in a stock market announcement.

The contract however does not constitute a commitment for any specific work and is conditional upon Uzma Engineering obtaining and maintaining a valid licence with Petronas, it reiterated.

Any revenue would be dependent on work orders issued at the discretion of Petronas.

Another Malaysian oil services company, Handal Resources, was also awarded a similar contract. In January, UMW Oil and Gas won a contract for provision of hydraulic workover units on a similar basis.

Petronas has recently said planned capital expenditure for 2018would be around MYR55bn ($14.1bn), up from MYR44.5bn the year before. In its activity outlook for 2018-2020, Petronas projected it would require three hydraulic workover units this year and between one to two units each in 2019 and 2020.

Typically used in the development phase of projects, hydraulic workover units are used in well intervention processes to repair or maintain oil wells.

Between 2018 to 2020, Petronas forecasts that it will develop about 20 greenfield projects and about 30 brownfield or mature projects, with 75% of these for oil exploration.a

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