Petronas is offering 14 exploration blocks, six clusters of Discovered Resource Opportunities (DRO) and one cluster of Late Life Assets (LLA) in its Malaysia Bid Round 2022 (MBR 2022).
Petronas is offering 14 exploration blocks, six clusters of Discovered Resource Opportunities (DRO) and one cluster of Late Life Assets (LLA) in its Malaysia Bid Round 2022 (MBR 2022).
The 14 exploration blocks on offer are located in prolific geological provinces within the Malay, Sabah and Sarawak basins. Most of these blocks contain existing oil and/or gas discoveries.
The six DRO clusters featured in the MBR 2022 are Meranti, Ubah, Baram Jr., A, C, and D, mostly in shallow water and are to existing production infrastructure. In addition, the single LLA, which includes a cluster of three fields named the Abu Cluster, provides opportunities to use existing facilities.
Petronas senior vice-president of Malaysia Petroleum Management (MPM), Mohamed Firouz Asnan said, ‘Through our basin study work, we believe there are many more prospects to be identified in the Malaysia basins, with the estimated remaining potential of about 21 billion barrels of oil equivalent (BBOE).’
Petronas is also offering technical study arrangements for two exploration areas in the southern Malay Basin and northwest Sabah Basin. Through the study, investors will have an opportunity to better understand the potential of the acreages, prior to submitting a bid proposal.
While the attractive Enhanced Profitability Terms (EPT) and Production Sharing Contract (PSC) will continue to be applied to shallow water blocks, the newly introduced Small Field Asset (SFA) and LLA PSC terms will accompany the DRO and LLA on offer. Meanwhile, the three deepwater opportunities in the MBR 2022 will benefit from the Deepwater Revenue Over Cost (R/C) PSC terms.
At the same time, investors will continue to enjoy flexible bidding options such as merging two adjacent blocks under one PSC, transferable minimum work commitments between two adjacent PSCs, as well as a phased exploration period.
The platform Petronas myPROdata has also been launched to provide investors with insights into the full potential of Malaysia’s exploration and production resources.
Petronas is hosting a virtual data room until 30 June 2022.
Find out more on MBR 2022 www.petronas.com/mpm/.
