The Malaysian oil and gas company Petronas has launched the Malaysia Bid Round (MBR) 2021 through a virtual event for investors to explore and monetize hydrocarbon resource potentials in Malaysia.
Malaysia Bid Round is an annual program organised by Petronas, that offers exploration blocks, technical study opportunities.
In a statement Petronas said, with 13 exploration blocks being offered, the Malaysia Bid Round 2021 is set to open up more investment opportunities.
Out of thirteen blocks four are situated in Sabah basin (SB409, SB412, 2W and X) Three are in Malay basin (PM340, PM327 and PM342) six are in Sarawak basin(SK328, ND3A, SK427, SK4E, SK440 and SK439). To accelerate monetization, the six discovered fields which are included in blocks SB409, SK4E, SK328 and PM342 will be the base for investors.
Petronas said that MBR’s primary objective is to focus on exploration blocks, the opportunities around late life assets.
Based on market feedback the new Small Field Assets (SFA) and Late life Assets (LLA) were developed because of which opportunities were provided for industry players.
Along with this the oil company offers three large areas for study arrangement, first will be the area in south of Malay Basin.
Second and the third areas cover the deepwater of Luconia.
Mohamed Firouz Asnan, The Petronas Senior Vice President of Malaysia Petroleum Management (MPM), said:
“As an industry, we need to continue with exploration activities to seize the immense opportunities that the energy transition presents,”
“If we don’t, we would then position ourselves out of the new energy equation.”
“While exploration & production opportunities may appear everywhere around the world,”
“I believe you will find ‘advantaged barrels’ here in Malaysia in diverse forms and when you seize the right opportunities that complement your portfolio,”
“including existing players to further grow their portfolio in Malaysia,” he added.”
