OIL

Sapura looks to oil for growth

Malaysia's Sapura Group is looking for growth in the oil and gas, education and information technology (IT) sectors to help it achieve higher returns in two years time.

Sapura looks to oil for growth

While the company's CEO, Datuk Shahril Shamsuddin, expects 20% of these returns will come from the group's IT and education activities, he admits that the lion share of profits will come form its oil and gas venture.

Sapura owns a major stake (64%) in Crest Petroleum Bhd, one of the three companies - which includes Ranhill and Jawala Corp - that plans to become part of Malaysia's second oil company. Shahril has confirmed that the company had sent a letter of intent to the Malaysian government expressing its willingness to join the consortium that will explore marginal offshore oilfields.

To this extent, Crest has been very busy in the domestic market. It has already expanded its existing joint venture with Norway's Smedvig Asia to tap potential offshore oil drilling activities in Sabah, Sarawak and other areas in Asia. It has acquired two offshore oilrigs via its 51% owned Varia Perdana Sdn Bhd unit and, according to Shahril, may purchase another as "the purchase of a new rig will also increase the potential for drillings."

Shahril has also confirmed that Crest had recently tendered for a RM20 million offshore installation project but declined to name it.

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