KUALA LUMPUR: Petronas, through Malaysia Petroleum Management (MPM), has successfully concluded the Malaysia Bid Round 2024 (MBR 2024) with the signing of two production sharing contracts (PSCs) for Blocks SB306A and SB306B, located off the coast of Sabah.
Petronas said the PSCs were awarded to a consortium comprising INPEX Malaysia E&P SB306A Sdn Bhd (INPEX), Petronas Carigali Sdn Bhd, and SMJ Energy Sdn Bhd.
INPEX is the operator for SB306A while Petronas Carigali is the operator for SB306B.
"This milestone brings the total to 14 new PSCs signed under MBR 2024, including MBR+, involving 12 different operators. These contracts encompass 11 discovered resource opportunities (DRO) and three exploration blocks,” it said in a statement today.
In a strategic move to expand Malaysia's hydrocarbon resources, Petronas has also signed technical evaluation agreements (TEAs) for the Langkasuka Basin in the Straits of Malacca and the Layang-Layang Basin off the coast of Sabah.
"These agreements, made with seven leading oil and gas companies -- BP, Eni, INPEX, Petronas Carigali, Pertamina, PTTEP and TotalEnergies -- underscore Petronas’ commitment to unlocking frontier basins and driving exploration at these promising regions,” the national oil and gas company said.
MPM senior vice president Datuk Bacho Pilong said that Malaysia continues to be a top-tier destination for upstream investment, offering extensive opportunities for industry players to expand their portfolios.
"The award of the 14 PSCs under MBR 2024 and MBR+ reinforces Malaysia's competitive edge and reflects strong investor confidence in the country as a leading Advantaged Energy hub.
"We appreciate the support, commitment, and collaboration of our industry partners, who have been instrumental in the continued development of Malaysia’s hydrocarbon resources,” he said.
Building on the momentum of MBR 2024, Petronas said, MPM has launched MBR 2025 under the theme "Advancing Progress with Advantaged Energy”.
"This bid round offers five exploration blocks in the Malay and Penyu Basins offshore Peninsular Malaysia, and the Sandakan Basin, off the coast of Sabah, each presenting diverse geological plays with significant resource potential.
"Additionally, three DRO clusters are available in shallow waters near existing infrastructures and potential gas market, enabling rapid monetisation,” it added. - Bernama
