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Petronas awards seven oil and gas blocks in its Malaysia Bid Round 2023

The Malaysian oil and gas company Petronas has awarded Production Sharing Contracts (PSCs) for six exploration blocks and one Discovered Resource Opportunities (DRO) cluster marketed under the Malaysia Bid Round 2023 (MBR 2023). The awarded blocks are expected to bring about MYR1.3bn (US$275m) worth of capital investment to Malaysia in the form of exploration work activities. 

The seven new PSCs were awarded to Petronas Carigali, E&P Malaysia Venture (EPMV), Petroleum Sarawak Exploration & Production, SMJ Energy, INPEX Malaysia E&P, PT Pertamina Malaysia Eksplorasi Produksi, Jadestone Energy, Sarawak Shell, and E&P O&M Services (EPOMS). The blocks span three regions in offshore Malaysia comprising two blocks in offshore Peninsular Malaysia, three blocks off the coast of Sarawak, as well as one exploration block and one DRO cluster situated off the coast of Sabah (awarded to EPOMS).

Simultaneously, Petronas has launched the Malaysia Bid Round 2024 (MBR 2024), offering five exploration blocks and five clusters of DRO to potential investors.

As of end-2022, 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 76.4 bcm in 2022.

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