Malaysian energy major Petronas has offered ten exploration blocks and two clusters of discovered resource opportunities (DRO) in its annual bid exercise, Malaysia Bid Round 2023 (MBR).
With the theme ‘Winning the Energy Transition with our Advantaged Energy’, the MBR 2023 saw the participation of more than 50 oil and gas companies, government agencies, foreign trade attachés, and energy market consultants.
The exploration blocks on offer are located within the producing Malay, Sabah, and Sarawak basins, as well as the newly opened Penyu basin.
Petronas in a statement said: “These blocks cover various geological play settings with sizeable prospects to be explored, providing opportunities for investors looking for ‘Advantaged Energy’, low cost, low carbon energy.”
The two shallow water clusters on offer include the Chenang DRO cluster off the coast of the Peninsular Malaysia, and the Bambazon DRO cluster off the coast of Sabah.
Furthermore, Petronas signed production sharing contracts (PSCs) with the winning bidders, including four existing and four new investors, for nine exploration blocks marketed under the MBR 2022.
The contracts include Petronas Carigali (PCSB) and E&P Malaysia Venture (EPMV) for block PM327, Skye UMDP Exploration and PCSB for block PM340, and PCSB, PTTEP Sarawak Oil, and Petroleum Sarawak (PSEP) for block SK325.
It also includes the PCSB and Inpex unit Inpex Malaysia E&P SK418 and PSEP for Block SK418, Longboat Energy (2A), Topaz Number One, PCSB, and PSEP for block 2A, Inpex Malaysia E&P 4E, PCSB, and PSEP for block 4E, and Shell unit Sarawak Shell, PCSB, and PSEP for block 3B.
The PSCs also include PCSB, EPMV, and SMJ for block SB409, as well as PCSB and EPMV, and PSEP for block SK328.
Commenting on the PSCs, Firouz said: “The first of the nine PSCs signed today also marks the 200th PSC awarded by Petronas since the maiden PSC signed in 1976.”