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January 28, 2022

Petronas offers 14 exploration blocks in Malaysia Bid Round 2022

The 14 exploration blocks include existing oil and/or gas discoveries, which are expected to accelerate monetisation activities.

Malaysia’s state energy firm Petronas has put 14 exploration blocks on offer in its annual bid exercise, Malaysia Bid Round 2022 (MBR).

The 14 blocks are located in geological provinces within the Malay, Sabah, and Sarawak basins. A majority of these blocks host existing oil and/or gas discoveries that are expected to accelerate monetisation activities.

The offering was launched in an event that was attended physically and virtually, by more than 1,300 potential and existing investors.

The company is also offering six clusters of discovered resource opportunities (DRO), and one cluster of late-life assets (LLA).

The DRO clusters include Meranti, Ubah, Baram Jr., A, C, and D. These are mostly located in shallow water, close to existing production infrastructure.

The LLA comprises a cluster of three fields, named the Abu cluster.

Petronas Malaysia Petroleum Management (MPM) senior vice-president Mohamed Firouz Asnan said: “Through our basin study work, we believe there are many more prospects to be identified in the Malaysia basins, with the estimated remaining potential of about 21 billion barrels of oil equivalent. 

“We welcome players with unique capabilities to unlock the potential in both old and new places.”

Petronas also said it is offering technical study arrangements for two exploration areas in the northwest Sabah basin, and southern Malay basin.

The study is expected to help investors in understanding the potential of the acreages, before submitting their bids.

The company also launched the Petronas myPROdata platform, designed to provide investors with insights into the full potential of exploration and production resources in the country.

Last year, Malaysia’s state energy firm awarded six offshore blocks to undisclosed firms to explore and monetise hydrocarbon resource potentials, under the 2021 MBR.

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