Petronas concludes Malaysia Bid Round 2024 with 14 PSCs
Malaysian state energy company Petronas, through its division Malaysia Petroleum Management (MPM), has concluded the Malaysia Bid Round 2024 (MBR 2024) with the finalisation of two production sharing contracts (PSCs), SB306A and SB306B.
These PSCs, located off the coast of Sabah, bring the total number of new PSCs under MBR 2024 to 14.
A consortium consisting of INPEX Malaysia E&P SB306A (INPEX), Petronas Carigali and SMJ Energy received the two PSCs.
The MBR 2024 has attracted 12 different operators and includes 11 discovered resource opportunities (DRO) and three exploration blocks.
Petronas has also entered into technical evaluation agreements (TEAs) for two regions, the Langkasuka Basin in the Straits of Malacca and the Layang-Layang Basin off the coast of Sabah, to enhance Malaysia's hydrocarbon potential.
These agreements, involving seven oil and gas companies, namely bp, Eni, INPEX, Petronas Carigali, Pertamina, PTTEP and TotalEnergies, are part of Petronas' efforts to advance exploration in frontier basins.
MPM senior vice-president Datuk Ir. Bacho Pilong said: "Malaysia continues to be a top-tier destination for upstream investment, offering extensive opportunities for industry players to expand their portfolios. The 14 PSCs awarded under MBR 2024 and MBR+ reinforces Malaysia's competitive edge and reflects strong investor confidence in the country as a leading Advantaged Energy hub.'
Leveraging the success of MBR 2024, MPM has announced the launch of MBR 2025, themed 'Advancing Progress with Advantaged Energy'.
The new bid round presents five exploration blocks in the Malay and Penyu Basins offshore Peninsular Malaysia, and the Sandakan Basin off the coast of Sabah.
Additionally, three DRO clusters are available in shallow waters, close to existing infrastructure and potential gas markets, which could allow for swift monetisation.
Meanwhile, Malaysian Prime Minister Datuk Seri Anwar Ibrahim has stated that Petronas will continue to uphold all of its current domestic and international contractual obligations in Sarawak, reported The Edge Malaysia.
This commitment will remain unchanged even as Sarawak's state-owned oil company, Petroleum Sarawak Bhd (Petros), takes over gas distribution in the state as the aggregator, starting 1 March.
Anwar told the lower house of parliament: 'This (Petros') role still confirms the previous approval given to Petronas and its subsidiaries.'
However, the prime minister did not state if Petronas would have to secure a licence, or be subject to any additional procedures, to carry out petroleum operations in the Malaysian state of Sarawak.
"Petronas concludes Malaysia Bid Round 2024 with 14 PSCs" was originally created and published by Offshore Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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