KENCANA Petroleum Bhd, an integrated solutions and services provider for the petroleum industry, aims to increase contribution from its marine-based business to 20 per cent by 2011.
Its executive chairman Datuk Mokhzani Mahathir said he is confident of increased demand for the group's products."We have proved that we can produce technological structures that are cost-effective. "People are more aware of such facilities here," he told reporters after the Maari sail-away ceremony in Lumut yesterday.
Maari is the world's largest and tallest wellhead platform structure ever built by Kencana HL, a subsidiary of Kencana Petroleum. The technology is from Norway while the project owner is from Australia.The Maari wellhead platform was fabricated in Kencana HL's fabrication yard in Lumut and it will operate out of New Zealand by September this year.
Mokhzani said there are only two similar structures in the world, and Maari that stands at 150m is the taller of the two. Weighing 10,000 tonnes, the Maari is also the tallest offshore structure to be built vertically, in Malaysia."It is self-elevated, relocatable and cost-effective," he added.While the overall cost of the Maari development - including construction of a floating, production, storage and offload vessel - amounts to US$450 million (RM1.4 billion), Kencana Petroleum was given 10 per cent of the jobs, worth about US$45 million (RM143 million)."We are also eager to start our second project on such wellhead structure soon," he said, adding that the Maari platform is expected to reach its final destination within two weeks.
He said Kencana Petroleum has also secured drilling and fabrication of drilling rig licences from Petronas, boosting the group's marine-based business.Mokhzani said Kencana Petroleum had launched the first steel-cutting to mark the construction of its first drilling rig, the Kencana Mermaid-1, last month."We expect the rig to start servicing by the end of next year," he said.
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