PETRONAS has signed Production Sharing Contracts (PSCs) for nine exploration blocks marketed under the Malaysia Bid Round 2022 (MBR 2022) with the winning bidders consisting of four existing and four new investors. The PSCs were signed by Firouz, in the presence of Executive Vice President and Chief Executive Officer of Upstream, Datuk Adif Zulkifli.
The nine exploration PSCs are expected to see an investment amounting to RM1.7 billion in exploration drilling capital, particularly in the deepwater areas and the underexplored formations. In addition, the award of these nine blocks has also reduced the number of Malaysia’s open blocks by about a third, in line with MPM’s efforts to increase exploration investments in the country.
Apart from issuing and managing petroleum arrangements in Malaysia, PETRONAS, through MPM, is the country’s oil and gas industry shaper and investment enabler that steers upstream petroleum activities in Malaysia.
Source: PETRONAS
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