PETRONAS Awards Seven New PSCs Under Malaysia Bid Round 2023, and Launches Malaysia Bid Round 2024

Source Company Press Release
Company Petronas, E&P Malaysia Venture Sdn Bhd, E&P O&M Services Sdn. Bhd., Inpex Corporation, Jadestone Energy Plc, Pertamina, Petroleum Sarawak Berhad, Sabah Development Berhad, Shell Plc
Tags Country: Malaysia, M&A: Deals, Licensing Round, Upstream: Upstream News
Date January 23, 2024

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), 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 PSCs were awarded to PETRONAS Carigali Sdn. Bhd. (PETRONAS Carigali), E&P Malaysia Venture Sdn. Bhd. (EPMV), Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP), SMJ Energy Sdn. Bhd. (SMJ Energy), INPEX Malaysia E&P (INPEX), PT  Pertamina Malaysia Eksplorasi Produksi (Pertamina), Jadestone Energy (PM) Inc., Sarawak Shell Bhd. (Shell), 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 Ir. 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 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 Carigali and EPMV for Block PM342  
  • Jadestone Energy and PETRONAS Carigali for Block PM428  
  • PETRONAS Carigali, EPMV and PSEP for Block SK330
  • PETRONAS Carigali, INPEX,  Pertamina and PSEP for Block SK510
  • Shell, PETRONAS Carigali and PSEP for Block 5E  
  • PETRONAS Carigali, EPMV and SMJ Energy for Block SB403  
  • EPOMS for Bambazon Cluster 

The development of these resources is very much aligned with PETRONAS’ efforts in ensuring energy security, including initiatives to create a more sustainable upstream industry, underlying the Group’s commitment towards a lower carbon future.

On the same day, PETRONAS also launched the Malaysia Bid Round 2024 (MBR 2024), offering five exploration blocks and five clusters of DRO to potential investors.

Themed “Transforming Your Future with Advantaged Energy”, MBR 2024 was attended by more than 50 oil and gas companies, government agencies, foreign trade attachés, and energy market consultants.

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 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.  

The MBR 2024 virtual data room is now officially open until the bid deadline submission on 1 August 2024. Visit petronasmbr.com for the full suite of offerings and subscribe to  PETRONAS myPROdata at https://www.petronas.com/myprodata/.

Apart from issuing and managing petroleum arrangements in Malaysia, PETRONAS, through MPM, is the country’s oil and gas industry shaper and investment enabler that steers upstream petroleum activities in Malaysia.  For more information on oil and gas investment opportunities in Malaysia including further details on MBR 2024, please visit https://www.petronas.com/mpm/.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd