UMWOG to strengthen foothold in Malaysia

by **Cals** Thu 23 Jan 2014, 18:35

Business & Markets 2014

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Thursday, 23 January 2014 11:32

KUALA LUMPUR (Jan 23): UMW Oil & Gas Corporation Bhd (UMWOG) said that it plans to solidify its presence in Malaysia with plans to expand to the broader Asia Pacific region.

At a press briefing in Bursa Malaysia today, the group said it expects to improve its services through focusing on building its asset base, strengthening its capabilities and by increasing its market share.

Currently, UMWOG has operations in Myanmar, Thailand, Indonesia, Vietnam and Turkmenistan, with 4 drilling rigs, namely Naga 1, Naga 2, Naga 3 and Naga 4, and an additional jack-up rig, Naga 5, coming in May 2014.

Rohaizad Darus, president of UMWOG, had also mentioned the group's collaboration with Petronas to set up a drilling academy.

"We, like any other oil and gas company, have had shortages of technical personnel over the years.

"By the end of March, we are opening a drilling academy in collaboration with Petronas, named UMW INSTEP, which will be based in the Petronas' technical institute in Terengganu," he said.

On its financials, Rohaizad said the group is on the right track so far, based on its performance for the first nine months of its current financial year.

"Looking at the revenue development, we have been growing from 2010 and hopefully this year, with the performance from the first nine months, we believe that we are on the right track," he said.

He added that UMWOG ranks in 2nd place in terms of revenue growth as compared to its peers, with a 44% revenue growth.

Currently, 34% of the group's revenue is derived internationally, while 66% comes from domestic activities.