KUALA LUMPUR (Sept 13): Enra Group Bhd is eyeing RM1 billion upstream jobs in marginal oil fields in Southeast Asia and Australia, which it hopes to secure in 24 months.
Enra president and group chief executive officer Datuk Mazlin Junid said it is working with foreign partners in order to leverage on its expertise to carry out low-cost base projects on fields that have an exploration period of three to four years.
"We leverage on our partners' expertise, while we inject the capital for the contracts, including non-traditional installation of oil platforms and structures.
"We are a small player, so our strategy involves using low-cost assets to do jobs at a lower cost, which saves money for the client. Our focus is in South China Sea, including Thailand, Myanmar and Malaysia, as well as Australia," Mazlin told reporters after the group's annual general meeting today.
He said Enra's way is to discuss with oil and gas players, including Petroliam Nasional Bhd (Petronas), to provide the service, while also joining tenders if there are jobs open.
Yesterday, energy portal Upstreamonline.com wrote that Enra Icon Sdn Bhd, a joint-venture company between Enra and Australian company ICON Engineering Pty Ltd, had secured a technology licence from Petronas.
Mazlin said the licence, known as a novel licence which is renewable every two years, allows the JV to provide services directly to Petronas.
The company targets undeveloped Asian oil and gas fields using ICON’s range of minimal facility, wellhead platforms and self-installing production facilities.
The stock was not traded in the morning session today. It last closed at RM2.80 on Friday, for a market capitalisation of RM377.77 million.