SapuraCrest on lookout for oil, gas blocks acquisition

SapuraCrest Petroleum Bhd, a major oil and gas service company in Malaysia, said it is looking to acquire oil and gas blocks in Indonesia, as part of the company?s move to widen its operation regionally and globally.

He said going forward the company will be focusing on four main areas, namely, drilling service, marine business, geo-technical services and acquiring oil and gas blocks.

?When there are opportunities, we will acquire,? Azlan Asidin, SapuraCrest Executive Director for Business Development of Sapura group of companies told Petromindo.com on the sideline of Deepwater Asia Pacific 2011 conference in Hanoi late last week.

He said the company is currently reviewing a number of opportunities, but declined to elaborate. He only said SapuraCrest is seriously looking at Indonesia as the country is still offering huge potential in terms of oil and gas developments, either onshore and offshore, which include deepwater projects.

He said in term of market opportunities, exploration and exploitation (EP) activities are growing, both regionally and globally.

?EP is growing specifically in Australia, Indonesia, Malaysia and Vietnam. Deepwater business is growing. I?m not saying there are limited opportunities in shallow water. But there is growing trend in deepwater business,? he said.

The company is in the process of merger with Kencana Petroleum Bhd, which is expected to be completed in the first quarter of 2012. Azlan said his company will leverage this merger in securing contracts regionally and globally.

In order to move closer to Indonesian market, SapuraCrest Petroleum, plans to open an office in Jakarta in the middle of January 2012. (roffie)