These awards are subject to the signing of the PSCs between the relevant parties by 1Q22 

By TMR / Pic TMR FILE

PETROLIAM Nasional Bhd (Petronas) has awarded six of the 13 offshore exploration blocks offered in the recently concluded Malaysia Bid Round (MBR) 2021. 

The six blocks, awarded to both existing and new players, 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 (1Q22). 

The MBR 2021 themed “Grow Your Energy Portfolio with Us” was virtually launched on Feb 26, 2021, with over 250 potential and existing investors streaming live from North America, Europe and Asia Pacific (APAC). 

The success of the MBR 2021 campaign is mainly attributed 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. 

“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,” said Petronas senior VP of Malaysia Petroleum Management Mohamed Firouz Asnan. 

MBR is an annual Malaysia licensing round organised by Petronas which offers investors diverse upstream opportunities including exploration blocks, undeveloped discovered resources and late-life assets. 

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.