Petronas Inks Two More PSCs for Bid Round 2024, Launches Round 2025
February 21, 2025
Petronas, through Malaysia Petroleum Management (MPM), has concluded the Malaysia Bid Round 2024 (MBR 2024) with the signing of two Production Sharing Contracts (PSCs), located off the coast of Sabah. The state-owned energy giant has also launched MBR 2025.
The PSCs for SB306A and SB306B were awarded to a consortium comprising INPEX Malaysia E&P (INPEX), PETRONAS Carigali, and SMJ Energy.
The milestone brings the total to 14 new PSCs signed under MBR 2024, including MBR+, involving 12 different operators. These contracts encompass 11 Discovered Resource Opportunities (DRO) and three exploration blocks.
In a strategic move to expand Malaysia's hydrocarbon resources, Petronas has also signed Technical Evaluation Agreements (TEAs) for the Langkasuka Basin in the Straits of Malacca and the Layang-Layang Basin off the coast of Sabah.
These agreements, made with seven leading oil and gas companies - BP, Eni, INPEX, PETRONAS Carigali, Pertamina, PTTEP and TotalEnergies - underscore Petronas’ commitment to unlocking frontier basins and driving exploration at these promising regions.
Building on the momentum of MBR 2024, MPM has launched MBR 2025 under the theme ‘Advancing Progress with Advantaged Energy’.
This bid round offers five exploration blocks in the Malay and Penyu Basins offshore Peninsular Malaysia, and the Sandakan Basin, off the coast of Sabah, each presenting diverse geological plays with significant resource potential. Additionally, three DRO clusters are available in shallow waters near existing infrastructures and potential gas market, enabling rapid monetization.
"Malaysia continues to be a top-tier destination for upstream investment, offering extensive opportunities for industry players to expand their portfolios. The 14 PSCs awarded under MBR 2024 and MBR+ reinforces Malaysia's competitive edge and reflects strong investor confidence in the country as a leading Advantaged Energy hub,” said Bacho Pilong, Senior Vice President of MPM.
