Malaysia's Petronas has awarded six of the 13 offshore exploration blocks offered in the recently concluded Malaysia Bid Round (MBR) 2021, an event held annually where Petronas offers oil companies exploration blocks, undeveloped discovered resources, and late-life assets.
The six blocks, awarded to both existing and new players in the Malaysian offshore oil and gas sectore, are Blocks SB412, 2W, X, SK427, SK439 and SK440.
These awards are subject to the signing of the Production Sharing Contracts (PSCs) between the relevant parties by the first quarter of 2022.
Petronas deemed the round a success, and attributed the results to "the significant enhancements that were introduced, such as the Enhanced Profitability PSC Terms for shallow water blocks, larger block sizes and flexible bidding options."
Petronas Senior Vice President of Malaysia Petroleum Management Mohamed Firouz Asnan said: "These awards further reinforce Malaysia’s attractiveness as a destination for industry players seeking to grow their energy portfolio and thrive in the energy transition. Under our right asset, right player strategy, supported by a progressive fiscal regime, we hope to fully maximise the long-term value of the hydrocarbon resources in Malaysia sustainably, at the time when demand is expected to increase,” he added.
"MBR 2022 themed, "Your Advantaged Energy Is Here" will be launched early next year offering more opportunities for potential investors to secure their “advantaged barrels” and create value," Petronas said.
Offshore Engineer has reached out to Petronas, seeking more details on the blocks and on the winners of the bidding round. We will update the article with any response we may receive.