The Malaysian national oil and gas company Petronas has awarded four production sharing contracts (PSCs) for three Discovered Resource Opportunities (DRO) Clusters and one exploration block offshore Malaysia, under the Malaysia Bid Round (MBR) 2024 that was launched earlier in 2024.
The DROs consist of nine fields located mostly in Sabah (on Borneo Island), that already yielded oil and gas discoveries. Five of the fields under the Ubah Cluster, located off the coast of Sabah (namely Bagang, Batai, Biris, Rempah and Ubah) went to a consortium comprising Petronas, ConocoPhillips and Shell. The Malaysian company Dialog Resources was awarded the RAJA cluster including three fields (Rhu, Ara and Janglau), while EPOMS won the Erb South field went to EPOMS, and E&P Malaysia Venture won exploration block PM515 in Peninsular Malaysia.
As of end-2023, Malaysia had proved crude oil reserves standing at 490 Mt and natural gas reserves standing at 2,056 bcm. Crude oil and NGL production reached 26 Mt and natural gas production stood at 78 bcm in 2023.