The contracts also include one exploration block offered under the Malaysia Bid Round (MBR) 2024, launched earlier this year.

Under the Small Field Asset PSC, the Raja cluster, located offshore Peninsular Malaysia, comprising the Rhu, Ara and Janglau fields, was awarded to Dialog Resources Sdn Bhd, while the Erb South field was awarded to EPOMS Sdn Bhd, Petronas said in a statement today.

The Ubah cluster, located off the coast of Sabah, consisting of five fields – Ubah, Rempah, Bagang, Batai and Biris – was awarded to ConocoPhillips Malaysia New Ventures Ltd, Sabah Shell Petroleum Company Ltd and Petronas Carigali Sdn Bhd (PCSB) under the Deepwater Revenue-over-Cost PSC.

Additionally, Block PM515, which is an exploration block, was awarded under the Enhanced Profitability Terms PSC to PCSB and E&P Malaysia Venture Sdn Bhd.

“We are pleased to see our petroleum arrangement contractors growing their portfolios in Malaysia.

“With their strong track records and proven capabilities, they continue to contribute significantly to the growth of Malaysia’s petroleum sector,” MPM senior vice-president Bacho Pilong said.

He added that Block PM515 held great potential for significant discoveries while the DRO clusters were primed for accelerated development due to their sizeable resources and proximity to nearby facilities.

“The Ubah cluster can greatly benefit from integration with the Kebabangan field, especially considering that both are operated by the same contractors – this integration can lead to various synergies and advantages for the operations of both fields,” said Bacho.

He added that the year 2024 marked another successful year with the award of 18 PSCs across exploration, DRO and Late Life Asset.

Looking ahead, Petronas is gearing up for MBR 2025, scheduled for the first quarter of 2025, offering a significant opportunity for investors to explore Malaysia’s upstream oil and gas potential.