KUALA LUMPUR: Oil and gas (O&G) company Uzma Bhd has won a RM29mil contract from Petronas Carigali Sdn Bhd to deploy idle well reactivation and production enhancement services in offshore Sabah.

       In a statement yesterday, Uzma said its wholly-owned subsidiary, Uzma Engineering Sdn Bhd, had received the work order award from Petronas Carigali.

       It said the risk transfer incentive contract (RTIC) duration will be for three years beginning July 13, 2021 and will end on July 12, 2024.

       In the same statement, Uzma group chief executive officer Kamarul Redzuan Muhamed said the new contract was unique, in the sense that there was an element of risk and reward distributed fairly between Uzma and the operator.

       “We are hopeful that the start of this contract will lead to more opportunities in idle well reactivation, as according to the Petronas Activity Outlook 2021 to 2023, there are more than 3,000 wells of which 45% are idle wells in Malaysia at present.

       “Uzma is excited to be awarded this RTIC contract, as our group offers a truly integrated approach to idle well reactivation from subsurface assessment and recommendation to well intervention services, all of which are in-house services.”

       Uzma

       Uzma said it has been at the forefront of production enhancement solutions since 2007, when it first deployed its award-winning UzmAPRES low-pressure system to improve the recovery of hydrocarbons.

       “The Uzma group is one of the few integrated well service providers in Malaysia which offers well services such as hydraulic work-over, coil tubing, pumping, desander, well test, and e-line services.”

       Uzma emphasised that it is also one of the leading Malaysian O&G contractors specialising in production optimisation and enhancement.

       “Uzma has a strong track record as Malaysia’s leading integrated well services specialist as well as capabilities in other parts of the O&G value chain, such as hydrocarbon optimisation.

       “The group celebrated its 21st anniversary recently and aims to continue to contribute towards the growth of the nation’s energy sector.”

       Apart from Malaysia, the group also has operational offices in Thailand, Indonesia and the Philippines.

       In June, the group announced that it had won a US$3mil (RM12.3mil) job to supply chemicals and services in Thailand.

       The contract was for the supply of production chemicals and oilfield chemicals, including technical services for the chemical management programme for the Bualuang Field in the Gulf of Thailand.

       Uzma shares closed 2.7% or 1.5 sen higher at 57 sen yesterday.