KUALA LUMPUR, Malaysia – Petronas has awarded six of 13 offshore exploration blocks that were offered under the Malaysia Bid Round (MBR) 2021.
The concessions, which went to companies established in the region and to new players, are blocks SB412, 2W, X, SK427, SK439, and SK440.
All remain subject to signing of production sharing contracts by the first quarter of 2022.
Petronas was satisfied by the response, which it attributes mainly to new measures such as Malaysia’s enhanced profitability PSC terms for shallow-water blocks, larger blocks, and flexible bidding options.
Mohamed Firouz Asnan, senior vice president of Malaysia Petroleum Management, 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.”
MBR is an annual licensing that offers diverse upstream opportunities including exploration blocks, undeveloped discoveries, and late-life assets.