KUALA LUMPUR (Dec 5): Petroliam Nasional Bhd (Petronas), through Malaysia Petroleum Management (MPM), has announced the awarding of production sharing contracts (PSCs) for three discovered resource opportunities (DRO) clusters and one exploration block offered under the Malaysia Bid Round (MBR) 2024, which was launched earlier this year.
In a statement issued on Wednesday, PETRONAS said that the awarded PSCs cover nine fields and one exploration block, featuring oil and gas discoveries located offshore Peninsular Malaysia and off the coast of Sabah. These resources, situated within proven hydrocarbon basins, offer significant development advantages due to their proximity to existing infrastructure, enabling synergistic development and swift monetisation, ensuring efficient and cost-effective resource extraction.
Under the Small Field Asset PSC, the Raja cluster, located offshore Peninsular Malaysia, comprising the Rhu, Ara and Janglau fields, was awarded to Dialog Resources Sdn Bhd, while the Erb South field was awarded to EPOMS Sdn Bhd.
The Ubah cluster, located off the coast of Sabah, consisting of five fields — Ubah, Rempah, Bagang, Batai and Biris — was awarded to ConocoPhillips Malaysia New Ventures Ltd, Sabah Shell Petroleum Company Ltd and Petronas Carigali Sdn Bhd (PCSB) under the Deepwater Revenue-over-Cost PSC.
Additionally, Block PM515, which is an exploration block, was awarded under the Enhanced Profitability Terms PSC to PCSB and E&P Malaysia Venture Sdn. Bhd.
Senior Vice President of MPM, Datuk Ir. Bacho Pilong said, “We are pleased to see our petroleum arrangement contractors growing their portfolios in Malaysia. With their strong track records and proven capabilities, they continue to contribute significantly to the growth of Malaysia’s petroleum sector. Block PM515 holds great potential for significant discoveries while the DRO Clusters are primed for accelerated development due to their sizeable resources and proximity to nearby facilities. The Ubah Cluster can greatly benefit from integration with the Kebabangan field, especially considering that both are operated by the same contractors – this integration can lead to various synergies and advantages for the operations of both fields.”
He added, “The year 2024 marks another successful year with the award of 18 PSCs across exploration, DRO and Late Life Asset. This is a testament of investors’ confidence in PETRONAS’ innovative asset offerings with high monetisation potential, solidifying Malaysia’s position as a preferred destination for upstream investments.”
Source: PETRONAS
