Petronas launched Malaysia Bid Round (MBR) 2021 through a virtual event Feb. 26, with investors streaming live from North America, the UK, and Europe as well as Asia Pacific. Thirteen exploration blocks are being offered (OGJ Online, Feb 19, 2021).
Three blocks lie in the Malay basin (PM340, PM327, and PM342), four in the Sabah basin (SB409, SB412, 2W, and X), and the remaining six are in Sarawak basin (ND3A, SK4E, SK328, SK427, SK439, and SK440). Included in Blocks PM342, SK4E, SK328, and SB409 are six discovered fields. MBR 2021 also offers four deepwater blocks (ND3A, 4E, 2W, and X) off the coast of Sarawak and Sabah.
Three large areas are being offered for study arrangement. First is the area south of Malay basin in Peninsular Malaysia with pre-tertiary and basement emerging plays yet to be explored. The second and third area cover the deepwater north of Luconia that extends northeasterly to Sabah.
Petronas has introduced three new production sharing contract 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.
The company is hosting a virtual data room accessible until Aug. 6. Bid evaluation is expected to take place between August and September and awards are expected before yearend.
