PETRONAS signed production sharing contracts (PSCs) for three discovered oil and gas resource clusters marketed under the Malaysia Bid Round (MBR) 2022.
The A cluster was awarded to Ping Petroleum Sdn Bhd (PPSB) and Petroleum Sarawak Exploration & Production Sdn Bhd (PSEP). The A cluster lies 290 km off the coast of Miri, Sarawak, offshore Malaysia. PPSB will serve as operator with 70% participating interest. PSEP holds the remaining 30%.
The Meranti cluster, 80 km offshore Kuala Terengganu, Malaysia, was awarded to PPSB in partnership with Duta Marine Sdn Bhd. PPSB is operator with 60% participating interest. Duta Marine holds 40%.
Dialog Resources Sdn Bhd and PSEP won the bid for the Baram Junior cluster. Dialog will serve as operator with 70% participating interest, while PSEP will hold 30%. The agreement spans 14 years, including a 2-year pre-development phase and 2-year development phase. The agreement includes pre-development phase feasibility studies through 3D seismic data reprocessing, studies, and resource assessment.
All three PSCs were awarded under the Small Field Asset terms introduced in 2020.
In the coming weeks, PETRONAS will be signing new PSCs with the MBR 2022 winning bidders for the exploration opportunities.
MBR 2023 is scheduled to be held Feb. 15, 2023.