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Petronas Awards Seven New PSCs Offshore Malaysia

The production sharing contracts (PSCs) include six exploration blocks and one discovered resource opportunities (DRO) cluster.

Malaysian energy company Petronas has awarded PSCs for seven areas as part of the Malaysia Bid Round 2023 (MBR 2023).

The PSCs include six exploration blocks and one DRO cluster.

Spanning three offshore regions in Malaysia, the contracts cover two blocks offshore Peninsular Malaysia, three off the coast of Sarawak, and one exploration block and one DRO cluster off the coast of Sabah.

The partnerships for the blocks include Petronas Carigali and E&P Malaysia Venture (EPMV) for Block PM342; Jadestone Energy and Petronas Carigali for Block PM428; Petronas Carigali, EPMV and Petroleum Sarawak Exploration & Production (PSEP) for Block SK330; and Petronas Carigali, Inpex, Pertamina and PSEP for Block SK510.

They also include Shell, Petronas Carigali and PSEP for Block 5E; Petronas Carigali, EPMV and SMJ Energy for Block SB403; and EPOMS for the Bambazon Cluster.

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The exploration blocks for MBR 2024 are located in emerging basins with significant potential. These include the Langkasuka Basin in the Straits of Melaka and the Semporna and Sandakan Basins off the eastern coast of Sabah.

Three DRO clusters are positioned in shallow waters of Peninsular Malaysia and Sabah, with two in deepwater areas of Sabah, all offering opportunities for swift monetization due to proximity to existing facilities.

Malaysia Petroleum Management senior vice-president Datuk Ir Bacho Pilong said: “With these awards, all exploration blocks offshore Sarawak Basin and Northwest Sabah Basin have been fully licensed.

“Similarly in Peninsular Malaysia, we are pleased to see the ever-growing demand in its proven basins, which are supported by well-established and easily accessible infrastructure.”

Recently, Petronas, through its subsidiary PC Ketapang II, secured an extension for the Ketapang PSC located offshore Indonesia.


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