PETRONAS, the Malaysian national oil and gas company, is accelerating the development of 12 offshore fields in the Malay basin.
This strategic move involves awarding Production Sharing Contracts (PSCs) to multiple operators under the Malaysia Bid Round Plus (MBR+) Round I initiative.
Targeted Field Development through PSCs
PETRONAS has granted PSCs for three distinct clusters of Discovered Resource Opportunities (DRO). These clusters, located offshore Peninsular Malaysia, encompass a total of 12 fields.
The aim is to leverage the expertise and agility of various operators to efficiently and safely monetize and develop these assets.
Small Field Asset (SFA) Cluster Awards
Under the Small Field Asset (SFA) Cluster PSC, the Bubu, Bunga Tasbih, and Enau fields have been awarded to Ping Petroleum Sdn. Bhd. and Duta Marine Sdn. Bhd.
In a separate SFA Cluster PSC, the Puteri, Padang, Penara, and North Lukut fields have been awarded to Jadestone Energy (PM) Inc.
Improved Revenue Over Cost (IROC) Cluster Award
The Pertang, Kenarong, Noring, and Bedong fields have been awarded under the Improved Revenue Over Cost (IROC) terms to Hibiscus Oil & Gas Malaysia Limited and PETRONAS Carigali Sdn. Bhd.
This contract structure is designed to optimize revenue generation from these fields.
Maximizing Resource Potential and Collaboration
The awarded PSCs represent a significant portfolio of oil and gas assets within the Malay basin. Located in a proven hydrocarbon-rich area with existing infrastructure, these DRO clusters present synergistic development opportunities for efficient resource monetization.
Datuk Ir. Bacho Pilong, Senior Vice President of Malaysia Petroleum Management (MPM), expressed optimism about the partnerships: “We are pleased to see our operators expanding their presence in Malaysia. Their specialized technical expertise and ability to adapt quickly are essential for navigating the unique challenges of monetizing and developing DRO assets in an expedited and safe manner.”
Support for Monetization and Future Opportunities
PETRONAS, through its Malaysia Petroleum Management (MPM) division, is committed to providing the necessary support and fostering collaboration to facilitate the successful monetization of these assets.
Additionally, MBR+ and PETRONAS myPROdata have played a crucial role in attracting potential investors and existing players to explore business growth opportunities in Malaysia.