Malaysia awards PSCs for three offshore field clusters
Jan. 23, 2023
Petronas has signed production sharing contracts (PSCs) for three clusters of discovered resource opportunities, awarded under the Malaysia Bid Round 2022.
KUALA LUMPUR, Malaysia—Petronas has signed production sharing contracts (PSCs) for three clusters of discovered resource opportunities (DRO), awarded under the Malaysia Bid Round (MBR) 2022.
The A Cluster, 290 km off the coast of Miri, Sarawak (Ping 70%, Petroleum Sarawak Exploration & Production [PSEP] 30%); and
The Meranti Cluster, 80 km offshore Kuala Terengganu, Peninsular Malaysia (Ping 60%, Duta Marine 40%).
Dialog Resources and PSEP secured the Baram Junior Cluster off Sarawak.
All three PSCs were issued under the small field asset terms introduced in 2020. The MBR is an annual licensing round offering upstream opportunities including exploration acreage, DRO and late-life producing assets across Malaysia.
Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, executive chairman of Ping’s parent company Dagang NeXchange, said, “The total development cost for the two clusters will be determined after the development concepts have been finalized.”
