Petronas will offer 13 offshore exploration blocks in Malaysia at the upcoming Malaysia Bid Round (MBR) 2021 launch on Feb. 26, 2021. Also included are six discovered fields to stimulate more extensive exploration activities within the blocks. This year’s MBR also features four deepwater blocks adjacent to the coast of Sarawak and Sabah which saw exploration discoveries in recent years.
The virtual launch event in Kuala Lumpur, Malaysia, will be live streamed to markets in North America, the UK, Europe, and Asia Pacific.
MBR 2021 will feature enhancements including larger block areas coupled with flexible bidding options and low entry costs, said Mohamed Firouz Asnan, Petronas senior vice-president of Malaysia Petroleum Management. Petronas will offer relatively new fiscal terms to production sharing contracts including enhanced profitability for shallow water blocks, late life assets, and small field assets designed to match the risk and rewards of the investments with the assets available, he said.
The annual MBR bid exercise offers exploration blocks, discovered resources, and late life assets. This year’s MBR is focused on exploration blocks, but opportunities around late life assets and small fields are made available progressively throughout the year, the company said.