Petronas Awards Six Blocks Off Malaysia

Petronas Awards Six Blocks Off Malaysia
Petronas has awarded six of the 13 offshore exploration blocks offered in the recently concluded Malaysia Bid Round 2021.

Malaysia's Petronas has awarded six of the 13 offshore exploration blocks offered in the recently concluded Malaysia Bid Round (MBR) 2021.

The Malaysia Bid Round is an event that is held annually where Petronas offers oil companies exploration blocks, undeveloped discovered resources, and late-life assets.

The six blocks, awarded to both existing and new players, are Blocks SB412, 2W, X, SK427, SK439, and SK440.

These awards are subject to the signing of the Production Sharing Contracts between the relevant parties by the first quarter of 2022.

The MBR 2021 themed “Grow Your Energy Portfolio With Us” was virtually launched on February 26, 2021, with over 250 potential and existing investors.

Petronas stated that the round was a success. This was mainly attributed to significant enhancements that were introduced, such as the Enhanced Profitability PSC Terms for shallow water blocks, larger block sizes, and flexible bidding options.

"These awards further reinforce Malaysia’s attractiveness as a destination for industry players seeking to grow their energy portfolio and thrive in the energy transition,” Petronas Senior Vice President of Malaysia Petroleum Management Mohamed Firouz Asnan said.

“Under our right asset, right player strategy, supported by a progressive fiscal regime, we hope to fully maximize the long-term value of the hydrocarbon resources in Malaysia sustainably, at the time when demand is expected to increase,” he added.

Petronas added that the MBR 2022 – themed "Your Advantaged Energy Is Here" – will be launched early next year offering more opportunities for potential investors to secure their “advantaged barrels” and create value.

To contact the author, email bojan.lepic@rigzone.com


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