As a part of Malaysia Bid Round (MBR) 2021, PETRONAS announced that it has signed production sharing contracts (PSCs) for five offshore exploration blocks in Malaysia.
Three of the blocks which are SB412, 2W, and X, are located off the coast of Sabah, while the other two, which are SK439/SK440, are located off the coast of Sarawak.
The contract of Block SB412 was signed between PETRONAS, PTTEP HK Offshore Limited, and SapuraOMV Upstream (M) Sdn Bhd. The PSCs of Blocks 2W and X were signed between PETRONAS, Sabah Shell Petroleum Company Ltd., ShellPETRONAS Sabah Selatan Sdn Bhd, and PETRONAS Carigali Sdn Bhd.
Meanwhile, PETRONAS has signed PSCs with Sarawak Shell Berhad and Petroleum Sarawak Exploration & Production Sdn Bhd for Block SK439/SK440.
Mohamed Firouz said, “PETRONAS is pleased that the newly signed PSCs would attract a capital commitment of about RM600 million in exploration activities in Malaysia, reflecting the attractiveness of Malaysia’s hydrocarbon resources potential.
“[…..] PETRONAS is committed to reducing carbon emissions from our operations with technologies such as Carbon Capture and Storage. We look forward to working together with our partners to provide safe and reliable energy to the market.”
MBR is conducted annually and hosted by Malaysia’s petroleum minister offering investors a variety of promising upstream opportunities.