PETRONAS Signs Three New Discovered Resource Opportunities Production Sharing Contracts in Peninsular Malaysia

2024 Media Release - 26 Jul

KUALA LUMPUR, 26 JULY 2024 - PETRONAS signed Production Sharing Contracts (PSCs) for three (3) clusters of Discovered Resource Opportunities (DRO) marketed under the Malaysia Bid Round Plus (MBR+) Round I. These clusters are located offshore Peninsular Malaysia.

Under the Small Field Asset (SFA) Cluster PSC, three (3) fields which consists of Bubu, Bunga Tasbih and Enau fields were awarded to Ping Petroleum Sdn. Bhd. and Duta Marine Sdn. Bhd., while another SFA Cluster PSC signed consists of four (4) fields namely the Puteri, Padang, Penara and North Lukut was awarded to Jadestone Energy (PM) Inc.

Meanwhile, the Pertang, Kenarong, Noring and Bedong fields were awarded to Hibiscus Oil & Gas Malaysia Limited and PETRONAS Carigali Sdn. Bhd. under the Improved Revenue Over Cost terms.

"We are delighted to see our operators continue to expand their portfolio in Malaysia. Their niche technical expertise and agility are crucial in navigating the unique challenges of monetising and developing DRO assets expediently and safely," said Senior Vice President of Malaysia Petroleum Management (MPM) Datuk Ir. Bacho Pilong.

"MPM will continue to provide the necessary support and foster collaboration to facilitate the monetisation of these assets. Furthermore, MBR+ and PETRONAS myPROdata have been pivotal in opening doors for potential investors and existing players to pursue business growth opportunities within Malaysia" he added.

The awarded PSCs encompass a portfolio of 12 fields, comprising oil and gas assets within the Malay basin in Peninsular Malaysia. Located within a proven hydrocarbon basin and in close proximity to existing infrastructure, these DRO clusters offer synergistic development opportunities for monetisation.

In the coming weeks, PETRONAS will be signing more MBR+ PSCs. Introduced in October 2023, MBR+ complements the annual Malaysia Bid Round licensing providing an additional avenue for investors to participate in DRO and Late Life Assets in Malaysia. This is exclusively available to PETRONAS myPROdata paid subscribers. For more information on oil and gas investment opportunities available in Malaysia, please visit https://www.petronas.com/myprodata/.

PETRONAS is committed to ensuring an optimal and sustainable supply of oil and gas for nation's energy security while pursuing deliberate efforts towards achieving low-carbon, low-emission operations, in line with its goal of achieving net-zero emissions by 2050.

SVP of MPM, PETRONAS, Datuk Ir. Bacho Pilong (5th from left) with signatories and representatives from PCSB, Hibiscus Oil & Gas Malaysia Limited, Ping Petroleum, Duta Marine and Jadestone Energy at the signing of DRO PSCs marketed under the MBR+ Round 1

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