KUALA LUMPUR (July 26): Petroliam Nasional Bhd (Petronas) has signed production sharing contracts (PSCs) for three clusters of discovered resource opportunities (DROs) under the Malaysia Bid Round Plus (MBR+) Round I, all located offshore Peninsular Malaysia.
The awarded PSCs cover 12 oil and gas fields in the Malay basin, offering synergistic development opportunities due to their location near existing infrastructure.
The small field asset (SFA) cluster PSC for the Bubu, Bunga Tasbih, and Enau fields was awarded to Ping Petroleum Sdn Bhd, a subsidiary of Dagang NeXchange (KL:DNEX), and Duta Marine Sdn Bhd. The SFA cluster PSC for the Puteri, Padang, Penara, and North Lukut fields was awarded to Jadestone Energy (PM) Inc.
Additionally, the Pertang, Kenarong, Noring, and Bedong fields were awarded to Hibiscus Oil & Gas Malaysia Ltd, an indirect wholly-owned unit of Hibiscus Petroleum Bhd (KL:HIBISCUS), and Petronas Carigali Sdn Bhd under improved revenue over cost terms.
“We are delighted to see our operators continue to expand their portfolios in Malaysia. Their niche technical expertise and agility are crucial in navigating the unique challenges of monetising and developing DRO assets expediently and safely,” said senior vice-president of Malaysia Petroleum Management (MPM) Datuk Bacho Pilong in a statement.
He added that MPM will continue to provide the necessary support and foster collaboration to facilitate the monetisation of these assets, while emphasising that MBR+ and Petronas myPROdata have been crucial in attracting investors and promoting business growth in Malaysia.
Meanwhile, Petronas said it will be signing more MBR+ PSCs in the coming weeks.
MBR+ was introduced in October 2023, complementing the annual Malaysia Bid Round licensing by providing an additional avenue for investors to participate in DROs and late-life assets in Malaysia.
Petronas stated its commitment to ensuring an optimal and sustainable supply of oil and gas for the nation’s energy security, while pursuing efforts towards achieving low-carbon, low-emission operations, in line with its goal of net-zero emissions by 2050.