
A leading manufacturer of industrial and agricultural oil, Petronas, recently announced contracts granted for offshore fossil fuel discoveries.
Following the Malaysia Bid Round launched earlier this year, Petronas has awarded production sharing contracts to cover an exploration block, and a total of nine oil and gas fields discovered close to Sabah’s coast and offshore Peninsular Malaysia.
These discovered resources are based in confirmed hydrocarbon basins and provide substantial development benefits because of their nearness to established infrastructure. Their proximity enables swifter monetisation and symbiotic development, facilitating cost-effective and efficient extraction of the valuable natural resources.
EPOMS was awarded the Erb South field, while petrochemical specialist Dialog Resources was awarded the offshore Peninsular Malaysia-based RAJA cluster. Sited off Sabah, the Ubah Cluster, which includes five fields – Rempah, Ubah, Bagang, Biris and Batai – was awarded jointly to Petronas Carigali (PCSB), ConocoPhillips Malaysia New Ventures Limited and the Sabah Shell Petroleum Company Limited. Furthermore, investment holding company E&P Malaysia Venture and PCSB were awarded Block PM515 – an exploration block.
Looking to the future, Petronas is preparing for Malaysia Bid Round 2025. The event is scheduled for the initial quarter of 2025 and offers substantial opportunities for investors to explore the oil and gas potential of Malaysia.
To improve the experience for interested investors, Petronas has also developed a smart platform called “myPROdata” that provides exclusive access to complete data and market insights, helping them make informed decisions. These enhancements find Petronas well-placed to reinforce Malaysia’s standing as an appealing region for upstream investments.