2 days ago
- Business
- Free Malaysia Today
Petronas awards first MBR 2025 contract to Dialog, taps Sabah's hydrocarbons
Petronas said the contract, covering a sub-block area within the Sandakan Basin, was awarded to Dialog Resources Sdn Bhd. (Petronas pic)
PETALING JAYA : Petronas has awarded a small field asset production sharing contract (SFA PSC) for the Mutiara Cluster, located off Sabah's coast, through Malaysia Petroleum Management (MPM).
In a statement today, Petronas said the contract was offered via its division, MPM, under the Malaysia Bid Round 2025 (MBR 2025) launched earlier this year.
Petronas said the contract, covering a sub-block area within the Sandakan Basin, was awarded to Dialog Resources Sdn Bhd.
'It will serve as the sole operator with a 100% participating interest in the block,' it said.
The Mutiara Cluster, the first PSC awarded under MBR 2025, is expected to begin production by 2029.
Petronas said it comprises five fields, including Nymphe, Nymphe North, Kuda Terbang, Benrinnes and Mutiara Hitam.
MPM senior vice-president Bacho Pilong said the award reflects growing confidence in Malaysia's upstream opportunities and the competitive terms offered under MBR 2025.
'As an industry shaper, MPM remains committed to facilitating impactful partnerships and catalysing investments that not only advance national energy aspirations but also uplift regional development in collaboration with the Sabah government.
'We also look forward to welcoming more investors to participate in Block SB505, offered in MBR 2025, the next gateway to unlock the potential of the Sandakan Basin,' he added.
Petronas reiterated its commitment to ensuring an optimal and sustainable energy supply, with MPM playing a crucial role in managing the country's petroleum resources and providing stewardship for upstream petroleum activities in Malaysia.
'Strategically located off Sabah's east coast, the contract is envisioned as a catalyst to open up the Sandakan Basin for further exploration.
'It supports a broader value creation and encourages local participation, in line with Petronas's aspiration to position Malaysia as an attractive destination for upstream investments,' it added.
