PETRONAS, Shell win big at Malaysian offshore exploration bid round

January 25, 2024

(WO) – PETRONAS 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), expected to garner more than RM1.3 billion ($274.5 million) worth of capital investment to the country in the form of exploration activities.


The seven new PSCs were awarded to PETRONAS Carigali Sdn. Bhd. (PETRONAS Carigali), E&P Malaysia Venture Sdn. Bhd. (EPMV), Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP), SMJ Energy Sdn. Bhd. (SMJ Energy), INPEX Malaysia E&P (INPEX), PT Pertamina Malaysia Eksplorasi Produksi (Pertamina), Jadestone Energy (PM) Inc., Sarawak Shell Bhd. (Shell), and E&P O&M Services Sdn. Bhd. (EPOMS).  

“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 in its proven basins, which are supported by well-established and easily accessible infrastructure,” said Senior Vice President of Malaysia Petroleum Management (MPM), Datuk Ir. Bacho Pilong, who represented PETRONAS at the award ceremony held in Kuala Lumpur. 

The blocks under the PSCs span across three regions offshore Malaysia comprising two blocks in offshore Peninsular Malaysia, three blocks off the coast of Sarawak and one exploration block and one DRO cluster situated off the coast of Sabah.

  • PETRONAS Carigali and EPMV for Block PM342
  • Jadestone Energy and PETRONAS Carigali for Block PM428
  • PETRONAS Carigali, EPMV and PSEP for Block SK330
  • PETRONAS Carigali, INPEX, Pertamina and PSEP for Block SK510
  • Shell, PETRONAS Carigali and PSEP for Block 5E
  • PETRONAS Carigali, EPMV and SMJ Energy for Block SB403
  • EPOMS for Bambazon Cluster

On the same day, PETRONAS also launched the Malaysia Bid Round 2024 (MBR 2024), offering five exploration blocks and five clusters of DRO to potential investors.

Themed “Transforming Your Future with Advantaged Energy,” MBR 2024 was attended by more than 50 oil and gas companies, government agencies, foreign trade attachés, and energy market consultants.

The five exploration blocks are located in emerging basins, namely the Langkasuka basin in the Straits of Melaka, Semporna and Sandakan basins off the eastern coast of Sabah, where the newly acquired multi-client data improves the subsurface imaging and offers a fresh look at multiple geological plays with large potential.

Additionally, the three DRO clusters offered are within shallow waters of Peninsular Malaysia and Sabah, and the two DRO clusters are within the deepwater realm of Sabah, located nearby existing facilities and enabled for quick monetization. 

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