KUALA LUMPUR, 15 Feb 2023 — Petroliam Nasional Bhd (Petronas) has signed production sharing contracts (PSCs) for nine exploration blocks marketed under Malaysia Bid Round 2022 (MBR) with an investment amounting RM1.7 billion in exploration drilling capital, particularly in the deepwater areas and the underexplored formations.
The PSC partners for the nine exploration blocks include Petronas Carigali Sdn Bhd (PCSB) and E&P Malaysia Venture Sdn Bhd (EPMV) for Block PM327; Skye UMDP Exploration Bhd and PCSB for Block PM340; PCSB, PTTEP Sarawak Oil Limited and Petroleum Sarawak EP (PSEP) for Block SK325; and Sarawak Shell Bhd, PCSB and PSEP for Block 3B; and; Longboat Energy (2A) Limited, Topaz Number One Ltd, PCSB and PSEP for Block 2A.
The PSCs were signed by senior vice president, Malaysia Petroleum Management (MPM) at Petronas, Mohamed Firouz Asnan Firouz, in the presence of Executive Vice President and Chief Executive Officer of Upstream, Datuk Adif Zulkifli.
Mohamed Firouz said the signings of the exploration PSCs today and the three discovered resource opportunities (DRO) clusters PSCs signed last month represent the highest number of PSC awarded in Malaysia within a single year since 2010.
“The first of the nine PSCs signed today also marks the 200th PSC awarded by Petronas since the maiden PSC signed in 1976.
We look forward to working very closely with our newly signed PSC partners in discovering new molecules, so that together we will grow and create value in a sustainable manner,” he said in a statement today.
In addition, he said, 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 has also launched the MBR 2023, offering 10 exploration blocks located within the producing Malay, Sabah and Sarawak basins as well as the newly opened Penyu basin and two clusters of DRO.
It said these blocks covered various geological play settings with sizeable prospects to be explored, providing opportunities for investors looking for “Advantaged Energy” which is low-cost, low-carbon energy.
Petronas said the two clusters of DRO offered are Chenang off the coast of Peninsular Malaysia and Bambazon off the coast of Sabah.
It said these are shallow water clusters located close to existing producing hubs that would enable quick monetisation.
Themed “Winning the Energy Transition with our Advantaged Energy”, MBR 2023 saw the participation of more than 50 oil and gas companies as well as government agencies, foreign trade attaches and energy market consultants.
— Akses Malaysia
