KUALA LUMPUR: Petroliam Nasional Bhd (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 contracts are expected to garner more than RM1.3bil worth of capital investment to the country in the form of exploration work activities.

       The national oil firm said the seven new PSCs were awarded to PETRONAS Carigali Sdn Bhd, E&P Malaysia Venture Sdn Bhd, Petroleum Sarawak Exploration and Production Sdn Bhd, SM Energy Sdn Bhd, INPEX Malaysia E&P, PT Pertamina Malaysia Eksplorasi Produksi, Jadestone Energy (PM) Inc, Sarawak Shell Bhd, and E&P O&M Services Sdn Bhd.

       PETRONAS senior vice-president of Malaysia Petroleum Management Datuk Bacho Pilong said the award of the seven PSCs from MBR 2023 is a testament to investors’ confidence in Malaysia as a promising exploration and production investment destination.

       “With these awards, all exploration blocks offshore Sarawak Basin and Northwest Sabah Basin have been fully licensed.

       “Similarly in Peninsular Malaysia, we are pleased to see the ever-growing demand for its proven basins, which are supported by well-established and easily accessible infrastructure,” he said in a statement. — Bernama