KUALA LUMPUR (March 24): Borneo Oil Bhd (KL:BORNOIL) said its indirect subsidiary Borneo Oil (Sabah) Sdn Bhd (BOS) has secured a licence from Petroliam Nasional Bhd (Petronas) as a Sabahan vendor.
The group said BOS is expanding its operational base to offer comprehensive oil and gas services through partnerships with experienced technical service providers in the oil and gas services and equipment sector.
In line with this, BOS has signed an agreement with Intercontinental Strait Energy Technology Co Ltd (SETC), to jointly bid for projects involving drilling, completion, stimulation, and geological consultancy, said Borneo Oil in an exchange filing on Monday.
SETC is the largest drilling management consultancy in China, said Borneo Oil, adding: "The company is dedicated to improving drilling efficiency, minimising time, and reducing costs through advanced optimisation techniques."
Shares of Borneo Oil closed unchanged at one sen on Monday, valuing the company at RM64.99 million.
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