BUSINESS

PETRONAS AWARDS SEVEN NEW PSCS UNDER MALAYSIA BID ROUND 2023, LAUNCHES MALAYSIA BID ROUND 2024

23/01/2024 06:18 PM

KUALA LUMPUR, Jan 23 (Bernama) -- Petroliam Nasional Bhd (Petronas) today awarded production sharing contracts (PSCs) for six exploration blocks and one discovered resource opportunities (DRO) cluster marketed under the Malaysia Bid Round 2023 (MBR 2023), which is expected to garner more than RM1.3 billion worth of capital investment to the country in the form of exploration work activities.

The national oil firm said the seven new PSCs were awarded to Petronas Carigali Sdn Bhd, E&P Malaysia Venture Sdn Bhd, Petroleum Sarawak Exploration & Production Sdn Bhd, SM Energy Sdn Bhd, 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).

Petronas senior vice-president of Malaysia Petroleum Management (MPM) Datuk Bacho Pilong said the award of the seven PSCs from MBR 2023 is a testament to investors’ confidence in Malaysia as a promising exploration and production investment destination. 

“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 for its proven basins, which are supported by well-established and easily accessible infrastructure,” he said in a statement.

The blocks under the PSCs span across 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 the Malaysia Bid Round 2024 (MBR 2024) today, offering five exploration blocks and five clusters of DRO to potential investors. 

It said the five exploration blocks are located in emerging basins namely Langkasuka Basin in the Straits of Malacca, 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, 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, it added.

-- BERNAMA

 


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