Petronas offers 13 exploration blocks under Malaysia Bid Round 2021

2 March 2021 (Last Updated March 2nd, 2021 14:54)

Petronas has launched the Malaysia Bid Round (MBR) 2021 offering 13 exploration blocks to investors to explore and monetise hydrocarbon resource potentials in the country.

Petronas offers 13 exploration blocks under Malaysia Bid Round 2021
Petronas has launched Malaysia bid round 2021. Credit: toby2j from Pixabay.

Petronas has launched the Malaysia Bid Round (MBR) 2021 offering 13 exploration blocks to investors to explore and monetise hydrocarbon resource potentials in the country.

Out of 13, three blocks are situated in the Malay basin (PM340, PM327 and PM342) and four in the Sabah basin (SB409, SB412, 2W and X).

The remaining six blocks, specified as ND3A, SK4E, SK328, SK427, SK439 and SK440, are located in the Sarawak basin.

The Malaysian oil and gas company in a statement said: “Included in blocks PM342, SK4E, SK328 and SB409 are six discovered fields as a base for investors to explore more, and help accelerate monetisation.

“MBR 2021 also features the offering of four deepwater blocks (ND3A, 4E, 2W and X) off the coast of Sarawak and Sabah which saw prominent exploration discoveries in recent years.”

The company said it has introduced three production sharing contract (PSC) terms for MBR 2021, which include enhanced profitability PSC terms (EPT), new small field assets (SFA) and late-life assets (LLA) PSC terms.

The EPT terms are developed based on industry feedback to provide more attractive returns under current market conditions.

The SFA and LLA PSC terms will provide industry players with opportunities with niche capability to extract greater value from discovered resources.

Petronas plans to conduct a bid evaluation exercise between August and September followed by PSCs award to successful bidders before the end of the year.

In a press statement, the company said: “Whilst MBR this year focuses on exploration blocks, the opportunities around late-life assets and undeveloped smaller discovered fields will be made available in the second half of this year.”

Recently, PTT Exploration and Production Public Company (PTTEP) and Petronas made a gas discovery following the drilling of the Dokong-1 wildcat exploration well offshore Block SK417.