STOCK SAHAM.CO

Petronas signs nine PSCs, aims to draw RM1.7 bil in exploration activities

KUALA LUMPUR: signed nine production-sharing contracts (PSCs) under the Malaysia Bid Round (MBR) , which is expected to attract a capital commitment of RM1.7 billion in exploration activities in Malaysia.

In a statement on Wednesday (Feb 15), the company said the nine exploration PSCs involve four existing investors and four new ones to explore drilling activities in the deepwater areas and the underexplored formations.

“The signings of the exploration PSCs today and the three Discovered Resource Opportunities (DRO) cluster PSCs signed last month represent the highest number of PSCs awarded in Malaysia within a single year since 2010.

“The first of the nine PSCs signed today also marks the 200th PSC awarded by Petronas since the maiden PSC signed in 1976. We look forward to working very closely with our newly signed PSC partners in discovering new molecules, so that together, we will grow and create value in a sustainable manner,” said Petronas senior vice president, , Mohamed Firouz Asnan.

He added that the award of these nine blocks has also reduced the number of Malaysia's open blocks by about a third, in line with MPM's efforts to increase exploration investments in the country.

The oil and gas company, which also launched its annual MBR 2023 on Wednesday, offered 10 exploration blocks and two clusters of DRO that saw the participation of more than 50 oil and gas companies, as well as government agencies, foreign trade attachés and energy market consultants.

The 10 exploration blocks on offer are located within the producing Malay, Sabah and Sarawak basins, as well as the newly opened Penyu basin.

“These blocks cover various geological play settings with sizable prospects to be explored, providing opportunities for investors looking for ‘Advantaged Energy' — low cost, low carbon energy.

“Also offered are the Chenang DRO cluster off the coast of Peninsular Malaysia and the Bambazon DRO cluster off the coast of Sabah. These are shallow water clusters located close to existing producing hubs that will enable quick monetisation,” Petronas said.

The MBR 2023 virtual data room will be open from Feb 15, until the bid submission deadline on Sept 15, 2023.

Source : The Edge Markets

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