Petronas awards PSCs in Malaysia Bid Round 2023

Petronas, Malaysia's state-owned oil and gas company, on January 23 announced the awarding of production sharing contracts (PSCs) for six exploration blocks and one Discovered Resource Opportunities (DRO) cluster under the Malaysia Bid Round 2023 (MBR 2023).

This round is anticipated to attract over 1.3bn ringgits ($270mn) in capital investment for the country, primarily allocated to exploration work activities.

The seven newly awarded PSCs involve a consortium of companies including Petronas Carigali, E&P Malaysia Venture, Petroleum Sarawak Exploration & Production, SMJ Energy, Inpex, Pertamina, Jadestone Energy, Shell, and E&P O&M Services. The exploration blocks under the PSCs are located across three regions in offshore Malaysia, covering two blocks in offshore Peninsular Malaysia, three blocks off the coast of Sarawak, and one exploration block and one DRO cluster situated off the coast of Sabah.

In addition to the successful conclusion of MBR 2023, Petronas has also initiated the Malaysia Bid Round 2024 (MBR 2024), featuring five exploration blocks and five clusters of DRO for potential investors. The exploration blocks are strategically situated in emerging basins, including the Langkasuka basin in the Straits of Melaka, Semporna and Sandakan basins off the eastern coast of Sabah.

The DRO clusters offered in MBR 2024 encompass shallow waters in Peninsular Malaysia and Sabah, along with deepwater clusters in Sabah located in proximity to existing facilities. The virtual data room for MBR 2024 is now open, and interested investors can access information until the bid deadline submission on August 1, 2024.