State-run Petronas February 19 announced it will be offering 13 offshore exploration blocks at the Malaysia Bid Round (MBR) 2021 launch on February 26.  

The round includes six discovered fields to incentivise investors to undertake more extensive exploration activities within those blocks, Petronas said. This year’s MBR also features the offering of four deepwater blocks adjacent to the coast of Sarawak and Sabah which saw prominent exploration discoveries in recent years. The MBR 2021 launch event will be held virtually in Kuala Lumpur and live-streamed to three different markets namely North America, United Kingdom and Europe as well as Asia Pacific.

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“MBR 2021 will feature significant enhancements which include larger block areas coupled with flexible bidding options and low entry costs,” senior vice president at Petronas, Mohamed Firouz Asnan, said.  

MBR will also be offering relatively new fiscal terms to be applied in the production sharing contracts such as enhanced profitability for the shallow-water blocks, the late-life assets and small field assets “which are designed to match the risk and rewards of the investments with the type of assets available.”