Phu Quoc Petroleum let a contract to Velesto Energy for drilling offshore southwest Vietnam.
Velesto’s NAGA 4 jack-up rig will undertake drilling activities for more than 40 wells.

Phu Quoc Petroleum Operating Co. (PQPOC) has let a contract to Velesto Energy Berhad for drilling offshore southwest Vietnam.

Under the contract, Velesto’s NAGA 4 jack-up rig will undertake drilling activities for more than 40 wells. Operations are expected to begin in first-half 2026.

NAGA 4 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 ft and has a rated operating water depth of 400 ft.

PQPOC is operator of blocks B, 48/95 and 52/97, offshore Southwest Vietnam in the Malay – Tho Chu basin of Vietnam’s continental shelf 300 km off the Ca Mau coastline in 77 m of water.