Malaysia signs PSCs offered under its 2022 bid round

Petronas has signed PSCs with local oil and gas players for three offshore clusters under the Malaysia Bid Round 2022, the Malaysian NOC announced on Tuesday.

The A Cluster was awarded to Ping Petroleum and Petroleum Sarawak Exploration & Production (PSEP).

The Baram Junior Cluster was awarded to Dialog Resources and PSEP.

The Merenti Cluster was awarded to Ping Petroleum in partnership with Duta Marine.

The A Cluster and Baram Junior Cluster are located off the coast of Sarawak, while the Merenti Cluster is located offshore Peninsular Malaysia.

The PSCs are awarded under the small field asset terms introduced by the state in 2020.

“We take this opportunity to welcome Ping Petroleum to Malaysia’s upstream industry and look forward to the company replicating its successes abroad in monetising small field assets here in our shallow water,” said Mohamed Firouz Asnan, senior vice-president of Petronas’ Malaysia Petroleum Management.

“Also, congratulations to Dialog Resources on its debut as an operator while PSEP and Duta Marine continue to expand their portfolio in Malaysia.”

More awards from the round are expected to be announced in the coming weeks.

Malaysia’s Malaysia Bid Round 2023 is expected to open on February 15, 2023.