Malaysia launches bid round 2023
Malaysia state energy company Petronas on February 15 launched the Malaysia Bid Round 2023 (MBR 2023), offering 10 exploration blocks and two clusters of discovered resource opportunities (DRO).
The 10 exploration blocks on offer are located within the producing Malay, Sabah and Sarawak basins as well as the newly opened Penyu basin. These blocks cover various geological play settings with sizeable prospects, Petronas said.
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Also offered are the Chenang DRO cluster off the coast of Peninsular Malaysia and the Bambazon DRO cluster off the coast of Sabah. These are shallow water clusters located close to existing producing hubs that will enable quick monetisation.
Petronas senior vice president, Malaysia Petroleum Management (MPM), Mohamed Firouz Asnan said, “We continue to provide opportunities to companies with distinctive capabilities – opportunities that are accompanied by the right fiscal terms to maximise shareholder returns for both host authority and investors.”
The MBR 2023 virtual data room will be open from until the bid deadline submission on September 15, 2023.
Meanwhile, Petronas has signed production sharing contracts (PSCs) for nine exploration blocks marketed under the MBR 2022 with the winning bidders consisting of four existing and four new investors.
The nine exploration PSCs are expected to see an investment amounting to 1.7bn ringgit ($390mn) in exploration drilling capital, particularly in the deepwater areas and the underexplored formations. In addition, the award of these nine blocks has also reduced the number of Malaysia’s open blocks by about a third, in line with MPM’s efforts to increase exploration investments in the country, Petronas said.