The Malaysian state-owned oil and gas company Petronas has opened the Malaysia Bid Round 2023 (MBR 2023), offering 10 exploration blocks and two clusters of Discovered Resource Opportunities (DRO). The 10 exploration blocks on offer are located within the producing Malay, Sabah and Sarawak basins as well as the newly opened Penyu basin. The company is also tendering the Chenang DRO cluster off the coast of Peninsular Malaysia and the Bambazon DRO cluster off the coast of Sabah. These are shallow water clusters located close to existing producing hubs that will enable quick monetisation. Bids are open until 15 September 2023.
In addition, Petronas has signed Production Sharing Contracts (PSCs) for nine exploration blocks marketed under the MBR 2022 with the winning bidders consisting of four existing and four new investors. The nine exploration PSCs are expected to see an investment amounting to MYR1.7bn (US$390m) in exploration drilling capital, particularly in the deepwater areas and the underexplored formations.
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