PETRONAS accelerates development of 12 fields offshore Malaysia with multiple PSC deals
(WO) – PETRONAS signed Production Sharing Contracts (PSCs) for three clusters of Discovered Resource Opportunities (DRO) marketed under the Malaysia Bid Round Plus (MBR+) Round I. These clusters are located offshore Peninsular Malaysia.
Under the Small Field Asset (SFA) Cluster PSC, the Bubu, Bunga Tasbih and Enau fields were awarded to Ping Petroleum Sdn. Bhd. and Duta Marine Sdn. Bhd., while another SFA Cluster PSC signed consists of four fields namely the Puteri, Padang, Penara and North Lukut was awarded to Jadestone Energy (PM) Inc.
Meanwhile, the Pertang, Kenarong, Noring and Bedong fields were awarded to Hibiscus Oil & Gas Malaysia Limited and PETRONAS Carigali Sdn. Bhd. under the Improved Revenue Over Cost terms.
The awarded PSCs encompass a portfolio of 12 fields, comprising oil and gas assets within the Malay basin in Peninsular Malaysia. Located within a proven oil and gas basin and in close proximity to existing infrastructure, these DRO clusters offer synergistic development opportunities for monetization.
“We are delighted to see our operators continue to expand their portfolio in Malaysia. Their niche technical expertise and agility are crucial in navigating the unique challenges of monetizing and developing DRO assets expediently and safely,” said Senior Vice President of Malaysia Petroleum Management (MPM) Datuk Ir. Bacho Pilong.
“MPM will continue to provide the necessary support and foster collaboration to facilitate the monetisation of these assets. Furthermore, MBR+ and PETRONAS myPROdata have been pivotal in opening doors for potential investors and existing players to pursue business growth opportunities within Malaysia” he added.
