Petronas signs three production sharing contracts
Petronas on January 17 said it had signed production sharing contracts (PSCs) for three clusters of discovered resource opportunities (DRO) marketed under the Malaysia Bid Round (MBR) 2022.
The A Cluster was awarded to Ping Petroleum and Petroleum Sarawak Exploration & Production (PSEP), while Dialog Resources and PSEP won the bid for the Baram Junior Cluster. Both clusters are located off the coast of Sarawak. The Meranti Cluster, located offshore Peninsular Malaysia, was awarded to Ping Petroleum which is in partnership with Duta Marine.
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All three PSCs were awarded under the small field asset (SFA) terms introduced in 2020, Petronas said, adding it will be signing new PSCs in the coming weeks with the MBR 2022 winning bidders.
The MBR is an annual licensing round offering diverse upstream opportunities to potential investors and includes exploration acreages, DRO and late life producing assets across Malaysia. The MBR 2023 is scheduled to be held on February 15, 2023.