PETRONAS SIGNS THREE NEW DISCOVERED RESOURCE OPPORTUNITIES PRODUCTION SHARING CONTRACTS IN PENINSULAR MALAYSIA

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

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 consist 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.

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.