PETRONAS SIGNS PSCS FOR THREE CLUSTERS OF 'DISCOVERED RESOURCE OPPORTUNITIES'

KUALA LUMPUR, Jan 17 (Bernama) -- Petronas has signed production sharing contracts (PSCs) for three clusters of “discovered resource opportunities” (DRO) marketed under the “Malaysia Bid Round” (MBR) 2022.

The MBR is an annual licensing round that offers diverse upstream opportunities to potential investors and includes exploration acreages, DRO, and late-life producing assets across Malaysia.

“The A Cluster was awarded to Ping Petroleum Sdn Bhd and Petroleum Sarawak Exploration & Production Sdn Bhd (PSEP), while Dialog Resources Sdn Bhd and PSEP won the bid for the Baram Junior Cluster. Both clusters are located off the coast of Sarawak.

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“The Meranti Cluster, located offshore Peninsular Malaysia, was awarded to Ping Petroleum which is in partnership with Duta Marine Sdn Bhd,” the national oil company announced in a statement.

All three PSCs were awarded under the small field asset (SFA) terms introduced in 2020.

Petronas senior vice-president of Malaysia Petroleum Management (MPM) Mohamed Firouz Asnan said “as MPM is entrusted to maximise the long-term value of Malaysia’s oil and gas resources, we are pleased to see that the DRO, which are perceived to be challenging, taken up by investors following the introduction of the SFA PSC terms.”

“We welcome Ping Petroleum to Malaysia’s upstream industry and look forward to the company replicating its successes abroad in monetising small field assets, here in our shallow water.

“The signing of the three PSCs validates the attraction of Malaysia as a preferred choice for potential investors looking for advantaged energy as we act positively on their feedback,” he said in a statement today.

In the coming weeks, Petronas will be signing new PSCs with the MBR 2022 winning bidders for exploration opportunities.

Meanwhile, Dialog Group Bhd (Dialog) announced in a stock exchange filing that its Dialog Resources unit has signed a PSC with Petronas and PSEP for the Baram Junior Cluster.

“Dialog’s strategy is to grow its upstream assets and to continue to develop its upstream capabilities in the oil and gas activities, which include new field development, rejuvenation, and re-development of mature oil and gas fields.

“This is expected to create a robust platform for generating long term sustainable revenue from oil and gas production,” it said. 

-- BERNAMA