KUCHING, July 28: Potential investors seeking to invest in Malaysia are welcome to participate in the Malaysia Bid Round 2021 (MBR 2021) which is currently ongoing with the bid submission deadline set on Sept 3, 2021.
Petronas extended the invitation in a statement following the awarding of Block SK437 offshore Sarawak, Malaysia to Petronas Carigali Sdn Bhd (PCSB), Sarawak Shell Berhad (SSB), and Petroleum Sarawak Exploration and Production Sdn Bhd (PSEP), a wholly-owned subsidiary of Petroleum Sarawak Berhad (Petros).
The SK437 Production Sharing Contract (PSC) was signed virtually today.
Petronas, PCSB, SSB and PSEP were respectively represented by Petronas Senior Vice President of Malaysia Petroleum Management Mohamed Firouz Asnan, Petronas Vice President of Exploration, Upstream Emeliana Rice-Oxley, Shell Malaysia Chairman and Shell Malaysia Upstream Senior Vice President, Ivan Tan and Petros Group Chief Executive Officer, Datuk Sauu Kakok.
“During its 130 years in Malaysia, Shell and other partners have built a legacy of milestones that contribute to the success of the country’s oil and gas industry. It is our hope that this new partnership with PSEP and PCSB in Block SK437 would bring the industry to greater heights through complementary strengths and capabilities.
“We also welcome PSEP’s first involvement in an offshore exploration PSC, expanding its current portfolio with participating interests in producing PSCs of MLNG and the Kumang Cluster oil fields.
“Indeed, this new award is a further testament of Malaysia’s attractiveness as a global investment destination. Under our ‘right asset, right player’ strategy, supported by a progressive fiscal regime, we hope to unlock the full potential of the hydrocarbon resources in Malaysia, thus maximising value for our partners and PETRONAS as the custodian of the national hydrocarbon resources,” said Mohamed Firouz.
SSB is the operator for Block SK437 PSC, with 85 per cent participating interest, while PCSB and PSEP hold 7.5 per cent each.
Both PCSB’s and PSEP’s interests are carried during the exploration phase. SK437 is a new addition to Shell’s existing interests in 15 PSCs in Malaysia, of which eight are located off the coast of Sarawak, whilst the remaining seven are located off the coast of Sabah. — DayakDaily
