23 Jan PETROS Expands Participation in Sarawak Exploration Production Sharing Contracts (PSCs)

PETROS EXPANDS PARTICIPATION IN SARAWAK EXPLORATION PRODUCTION SHARING CONTRACTS (PSCS)

Date: 23 January 2024

State-owned oil and gas corporation expands upstream position through participation in two (2) more exploration PSCs.

23 January 2024, Kuching - Petroleum Sarawak Berhad (PETROS), via its subsidiary Petroleum Sarawak Exploration and Production Sdn Bhd (PSEP), today signed several upstream agreements (Production Sharing Contracts (PSCs)/Joint Operating Agreements), formalising its participation in two (2) Sarawak Exploration PSCs under the Malaysia Bid Round (MBR) 2023. MBR is an annual licensing round organised by Malaysia Petroleum Management, PETRONAS.

PSEP's participation in the two (2) exploration PSCs namely SK510 and 5E, which will be operated by PETRONAS Carigali Sdn. Bhd. and Sarawak Shell Berhad respectively, further expands PETROS' exploration footprint in the Sarawak Basin, towards sustained and long-term supply in realising the Sarawak Gas Roadmap.

Commenting on the signings, PETROS Group Chief Executive Officer, Dato Janin Girie said, "The signings of these two additional exploration PSCs, form part of a focused effort to responsibly manage and add value to Sarawak's energy resources while sustainably developing the energy industry, local talent and economic base. The continuous collaboration with our partners and international industry players, is also a reaffirmation and expression of confidence in PETROS and Sarawak."

Through the signings, PETROS via PSEP is now participating in eighteen (18) PSCs off the coast of Sarawak, offshore Malaysia, in collaboration with oil majors from several countries. To-date, five (5) of these offshore PSCs are in production, two (2) PSCs are in development phase and the remaining ten (10) PSCs have commenced exploration activities.

The company continues to be actively involved in upstream activities, including rejuvenating onshore exploration and commercialisation, and plans to invest over RM8.5 billion capital expenditure (CAPEX) over the next three (3) years.

Since its inception in 2017, PETROS has grown into an integrated player actively participating throughout the oil and gas value chain, streamlining efforts to power socio-economic development in Sarawak by increasing access to adequate hydrocarbon resources and expanding the domestic utilisation of natural gas through industry partnerships to maximise positive benefits for Sarawakians.

PETROS Vice President for Upstream, Jeremy Wong (fourth left) is pictured with other signatories at the signing ceremony today in Kuala Lumpur.

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