ConocoPhillips, Shell among successful bidders for latest offshore Malaysia PSCs
Dec. 12, 2024
Petronas, via Malaysia Petroleum Management, has awarded production sharing contracts (PSCs) under the Malaysia Bid Round 2024, opened earlier this year.
Petronas, via Malaysia Petroleum Management (MPM), has awarded production sharing contracts (PSCs) under the Malaysia Bid Round 2024, opened earlier this year.
These cover three discovered resource opportunities (DRO) clusters containing nine oil and gas fields and one exploration block offshore Sabah.
All the resources are located in proven hydrocarbon basins and are close to existing production infrastructure.
The Ubah cluster, comprising the Ubah, Rempah, Bagang, Batai and Biris fields offshore Sabah, went to a consortium of ConocoPhillips Malaysia New Ventures, Sabah Shell Petroleum Co. and Petronas Carigali. This is a Deepwater Revenue-over-Cost PSC.
Dialog Resources secured a Small Field Asset PSC for the RAJA cluster, comprising Rhu, Ara and Janglau fields, while EPOMS picked up the Erb South field PSC—all off Peninsular Malaysia.
Finallly, PCSB and E&P Malaysia Venture were awarded Block PM515 under an Enhanced Profitability Terms PSC.
Senior vice president of MPM, Datuk Ir. Bacho Pilong, said, "Block PM515 holds great potential for significant discoveries while the DRO clusters are primed for accelerated development due to their sizeable resources and proximity to nearby facilities.
“The Ubah Cluster can greatly benefit from integration with the Kebabangan field, especially considering that both are operated by the same contractors. This integration can lead to various synergies and advantages for the operations of both fields."
