Wednesday 17 Apr 2024
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KUALA LUMPUR (Jan 23): Under the Malaysia Bid Round (MBR) 2023, Petroliam Nasional Bhd (Petronas) has awarded seven new production-sharing contracts (PSCs) to various oil and gas (O&G) players for exploration blocks offshore Peninsular Malaysia and Sarawak, and a discovery resource opportunities (DRO) cluster off the coast of Sabah.

Under MBR 2024, it is offering five exploration blocks and five clusters of DRO to potential investors.

According to a statement from the custodian of the nation’s petroleum resources on Tuesday, the seven new PSCs were awarded to:

  •     Petronas Carigali Sdn Bhd and E&P Malaysia Venture Sdn Bhd (EPMV) for Block PM342;
  •     Jadestone Energy (PM) Inc and Petronas Carigali for Block PM428;
  •     Petronas Carigali, EPMV and Petroleum Sarawak Exploration & Production Sdn Bhd (PSEP) for Block SK330;
  •     Petronas Carigali, INPEX Malaysia E&P, PT Pertamina Malaysia Eksplorasi Produksi and PSEP for Block SK510;
  •     Sarawak Shell Bhd, Petronas Carigali and PSEP for Block 5E;
  •     Petronas Carigali, EPMV and SMJ Energy Sdn Bhd for Block SB403;
  •     and E&P O&M Services Sdn Bhd for Bambazon Cluster.

Petronas said the PSCs are expected to garner more than RM1.3 billion in exploration and production (E&P) investments in Malaysia.

“With these awards, all exploration blocks offshore Sarawak Basin and Northwest Sabah Basin have been fully licensed,” said Malaysia Petroleum Management senior vice president Datuk Bacho Pilong.

“Similarly, in Peninsular Malaysia, we are pleased to see the ever-growing demand in its proven basins, which are supported by well-established and easily accessible infrastructure,” he added.

MBR 2024, five exploration blocks and five DRO clusters on offer

On MBR 2024, Petronas said, “The five exploration blocks are located in emerging basins namely Langkasuka Basin in the Straits of Melaka, Semporna and Sandakan Basins off the eastern coast of Sabah, where the newly acquired multiclient data improves the subsurface imaging and offers a fresh look at multiple geological plays with large potential."

“Additionally, three DRO clusters offered are within shallow waters of Peninsular Malaysia and Sabah, and the [other] two DRO clusters are within the deepwater realm of Sabah, located nearby existing facilities and enabled for quick monetisation," it added.

The national O&G giant noted that MBR 2024, themed Transforming Your Future with Advantaged Energy, was attended by over 50 O&G companies, government agencies, foreign trade attachés and energy market consultants.

The MBR 2024 virtual data room is now officially open until the bid deadline submission on Aug 1, 2024.

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