Fossil Energy – Malaysia
Petronas has signed on Tuesday the Production sharing contracts (PSCs) for five offshore exploration blocks, enabling the state-owned oil and gas firm to attract a capital commitment of about RM600 million in exploration activities in Malaysia.
This will reflect the attractiveness of the country’s hydrocarbon resources potential, Petronas senior vice-president of Malaysia Petroleum Management (MPM) Mohamed Firouz Asnan said in a statement after signing the PSCs on behalf of the company.
“The reduction in global exploration drilling over the past two years has pressured the industry to resolve current supply shortages. As global economies have started to recover post-pandemic, the industry needs to ensure exploration activities continue to sustain production. Petronas is committed to reducing carbon emissions from our operations with technologies such as carbon capture and storage,” he said, adding that Petronas looks forward to working together with its partners to provide safe and reliable energy to the market.
The offshore exploration blocks include SB412, 2W and X off the coast of Sabah, and SK439/SK440 off the coast of Sarawak.
Block SB412 in Sabah was signed between Petronas, PTTEP HK Offshore and SapuraOMV Upstream (M) Sdn Bhd, while the PSCs for ultra-deepwater Blocks 2W and X were signed between Petronas, Sabah Shell Petroleum Company, Shell Sabah Selatan, and Petronas Carigali.