By DayakDaily Team
KUALA LUMPUR, Dec 5: Petroliam Nasional Berhad (Petronas), through Malaysia Petroleum Management (MPM), awards four new Production Sharing Contracts (PSCs) offered under the Malaysia Bud Round (MBR) 2024 which was launched earlier this year.
The PSCs covered three Discovered Resource Opportunities (DRO) clusters and one exploration block, involving nine fields and one exploration block located offshore of Peninsular Malaysia and Sabah.
These resources, situated within proven hydrocarbon basins, are strategically positioned near existing infrastructure, enabling cost-effective and accelerated development.
Among the awarded clusters is the RAJA Cluster, comprising the Rhu, Ara, and Janglau fields offshore Peninsular Malaysia. The Small Field Asset PSC for this cluster was awarded to Dialog Resources Sdn Bhd while the Erb South field was awarded to EPOMS Sdn Bhd.
Off the coast of Sabah, the Ubah Cluster—consisting of the Ubah, Rempah, Bagang, Batai, and Biris fields—was awarded to ConocoPhillips Malaysia New Ventures Limited, Sabah Shell Petroleum Company Limited, and Petronas Carigali Sdn Bhd (PCSB) under the Deepwater Revenue-over-Cost PSC.
Additionally, Block PM515, an exploration block offshore Peninsular Malaysia, was awarded to PCSB and E&P Malaysia Venture Sdn Bhd under the Enhanced Profitability Terms PSC.
Datuk Ir. Bacho Pilong, Senior Vice President of MPM, highlighted the strategic importance of the awards to the PSCs.
“Block PM515 holds great potential for significant discoveries while the DRO Clusters are primed for accelerated development due to their sizeable resources and proximity to nearby facilities.
“The Ubah Cluster can greatly benefit from integration with the Kebabangan field, especially considering that both are operated by the same contractors—this integration can lead to various synergies and advantages for the operations of both fields,” said Bacho.
He highlighted the strong investor confidence in Malaysia’s petroleum sector, noting that 2024 awarded 18 PSCs across exploration, DRO, and Late Life Asset categories.
Petronas is preparing for MBR 2025, scheduled for the first quarter of 2025, with its upcoming bid round offering a significant opportunity for investors to explore Malaysia’s upstream oil and gas potential.
Enhancements such as the introduction of myPROdata, a digital platform providing exclusive data and insights, aim to attract more investors by enabling informed decision-making.
With these enhancements, PETRONAS is poised to deliver meaningful value and further reinforce Malaysia’s position as an attractive destination for upstream investments. –DayakDaily
