Petronas begins Malaysia Bid Round 2023

Feb. 16, 2023
Petronas launched the Malaysia Bid Round 2023 (MBR 2023), offering 10 exploration blocks and two clusters of discovered resource opportunities (DRO).

Petronas launched the Malaysia Bid Round 2023 (MBR 2023), offering 10 exploration blocks and two clusters of discovered resource opportunities (DRO).

The 10 exploration blocks on offer are within producing Malay, Sabah, and Sarawak basins as well as newly opened Penyu basin. These blocks cover various geological play settings with sizeable prospects to be explored, the company said in a release Feb. 15.

Also offered are the Chenang DRO cluster off the coast of Peninsular Malaysia and the Bambazon DRO cluster off the coast of Sabah. These are shallow water clusters close to existing producing hubs.

The MBR 2023 virtual data room will be open from today until the bid deadline submission on Sept. 15, 2023.

Petronas also signed Production Sharing Contracts (PSCs) for nine exploration blocks marketed under MBR 2022 with winning bidders consisting of four existing and four new investors:

  • Block PM327: PETRONAS Carigali Sdn Bhd (PCSB) and E&P Malaysia Venture Sdn Bhd (EPMV).
  • Block PM340: Skye UMDP Exploration Bhd and PCSB.
  • Block SK325: PCSB, PTTEP Sarawak Oil Ltd. and Petroleum Sarawak EP (PSEP).
  • Block SK418: PCSB and INPEX Malaysia E&P SK418 Sdn Bhd and PSEP.
  • Block SK328: PCSB and EPMV.
  • Block 2A: Longboat Energy (2A) Ltd., Topaz Number One Ltd, PCSB, and PSEP.
  • Block 4E: INPEX Malaysia E&P 4E Sdn Bhd, PCSB, and PSEP.
  • Block 3B: Sarawak Shell Bhd, PCSB, and PSEP.
  • Block SB409: PCSB, EPMV, and SMJ Sdn Bhd.

The nine exploration PSCs are expected to see an investment amounting to RM1.7 billion in exploration drilling capital, particularly in deepwater areas and underexplored formations, Petronas said. In addition, the award of these nine blocks has also reduced the number of Malaysia’s open blocks by about a third, in line with MPM’s efforts to increase exploration investments in the country.