PETALING JAYA: Petroliam Nasional Bhd (Petronas) today awarded production sharing contracts (PSC) for six exploration blocks and one discovered resource opportunities (DRO) cluster marketed under Malaysia Bid Round 2023 (MBR 2023), expected to garner more than RM1.3 billion worth of capital investment to the country in the form of exploration work activities.
The seven new PSC were awarded to Petronas Carigali Sdn Bhd, E&P Malaysia Venture Sdn Bhd (EPMV), Petroleum Sarawak Exploration & Production Sdn Bhd (PSEP), SMJ Energy Sdn Bhd (SMJ Energy), INPEX Malaysia E&P, PT Pertamina Malaysia Eksplorasi Produksi, Jadestone Energy (PM) Inc, Sarawak Shell Bhd and E&P O&M Services Sdn Bhd (EPOMS).
“This is a great start to 2024. The award of the seven PSCs from MBR 2023 is a testament to the investors’ confidence in Malaysia as a promising E&P investment destination,” said senior vice-president of Malaysia Petroleum Management (MPM) Datuk Bacho Pilong, who represented Petronas at the award ceremony held in Kuala Lumpur.
“With these awards, all exploration blocks offshore Sarawak Basin and Northwest Sabah Basin have been fully licensed. 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.
“Collaborative efforts between Petronas and industry players have played a pivotal role in attracting investments and fostering economic growth in the country,” he added.
The blocks under the PSC span three regions in offshore Malaysia, comprising two blocks in offshore Peninsular Malaysia, three blocks off the coast of Sarawak, as well as one exploration block and one DRO cluster situated off the coast of Sabah.
Petronas also launched Malaysia Bid Round 2024 (MBR 2024), offering five exploration blocks and five clusters of DRO to potential investors.
The five exploration blocks are located in Langkasuka Basin in the Straits of Malacca, Semporna and Sandakan Basins off the eastern coast of Sabah, where the newly acquired multi-client data improves the subsurface imaging and offers a fresh look at multiple geological plays with large potential.
Additionally, the three DRO clusters offered are within shallow waters of Peninsular Malaysia and Sabah, and the two DRO clusters are within the deepwater realm of Sabah, located nearby existing facilities and enabled for quick monetisation.
