Petronas is expected to hand out jobs soon for oil recovery enhancement in domestic brown fields as well as idle fields.
UMZa Bhd, which specializes in upstream oil engineering works, stands a good chance of getting a slice of the contract pie. It is probably the only local firm that has the technology and equipment to conduct EOR in oil fields.
The total value of the contracts could be worth up to rm500 million. For UMZA, this would be its largest win from Petronas to date.
With UMZA’s expertise, it is believed that UMZA is in the forefrontto bag more jobs from Petronas.
To recap, Petronas had allocated rm6.1 billion capex for domestic exploration over three years. Petronas also made known that it would open more than 25 marginal oilfields tro niche players in the hopes of recovering an estimated 1.7 billion barrels of oil equivalents to reverse Malaysia’s declining oil output.
For 3QFY2010, the company posted a net profit of rm286000 on revenue of rm30 million. Net assets per share stood at 59 sen. It posted a net loss for the cumulative nine month period. Umza posted a net loss of rm2.52 million on revenue of rm80 million.
Its latest financial statements show that it is a net cash position of mr1.73 million.
It had only recorded losses during Dec 2006 – Dec 2008
UMZA is currently involved in more major EOR project in Malaysia and had previously completed a chemical EOR pilot project.
As at April 2011, its largest shareholder was its CEO, Datuk Kamaral with a 50% stake followed by Datin Rozita with 10.50% stake. LTH is the largest institutional holder of the company with a 6.3% stake.
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