Malaysia’s Petronas has signed three production-sharing contracts (PSCs) under the Malaysia Bid Round (MBR) 2022 for discovered oil and gas resources.
The contracts of discovered resource opportunities (DRO) have been awarded for three clusters, including the A and Baram Junior clusters, located off the coast of Sarawak, and the Meranti cluster.
Ping Petroleum (PPSB) and Petroleum Sarawak Exploration & Production (PSEP) have received a PSC for the A Cluster, located 290m off the coast of Miri, Sarawak.
This cluster will be operated by Ping Petroleum with a 70% stake while PSEP will own the remaining 30% stake.
PSEP is a wholly-owned unit of Petroleum Sarawak, which is owned by the Sarawak government.
In partnership with Duta Marine Sdn Bhd, Ping Petroleum has secured a PSC for the development and production of oil and gas resources in the Meranti cluster, located 80km offshore Kuala Terengganu.
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Duta Marine owns a 40% stake in the Meranti cluster while PPSB owns a 60% operatorship stake.
PPSB subsidiary DNeX executive chairman Syed Zainal Abidin Syed Mohamed Tahir said: “The inclusion of the Meranti Cluster and A Cluster in PPSB’s portfolio will re-establish the company’s position in our home territory, build on our proven track record for low-cost developments and operations in the UK, and allow us to diversify our revenue stream and operations across multiple geographies.
“The total development cost for the two clusters will be determined after the development concepts have been finalised.”
Dialog Resources and PSEP secured the bid for the Baram Junior Cluster.
Petronas Malaysia Petroleum Management (MPM) senior vice-president Mohamed Firouz Asnan said: “The signing of the three PSCs validates the attraction of Malaysia as a preferred choice for potential investors looking for advantaged energy as we act positively on their feedback.”