PETRONAS has awarded six of the 13 offshore exploration blocks offered in the recently concluded Malaysia Bid Round (MBR) 2021.

The six blocks, awarded to both existing and new players, are Blocks SB412, 2W, X, SK427, SK439 and SK440. These awards are subject to the signing of the Production Sharing Contracts (PSCs) between the relevant parties by the first quarter of 2022.

The MBR 2021 themed “Grow Your Energy Portfolio With Us” was virtually launched on 26 February 2021, with over 250 potential and existing investors streaming live from North America, Europe and Asia Pacific.

The success of MBR 2021 campaign is mainly attributed to the significant enhancements that were introduced, such as the Enhanced Profitability PSC Terms for shallow water blocks, larger block sizes and flexible bidding options.

PETRONAS Senior Vice President of Malaysia Petroleum Management Mohamed Firouz Asnan said, “These awards further reinforce Malaysia’s attractiveness as a destination for industry players seeking to grow their energy portfolio and thrive in the energy transition. Under our right asset, right player strategy, supported by a progressive fiscal regime, we hope to fully maximise the long-term value of the hydrocarbon resources in Malaysia sustainably, at the time when demand is expected to increase,” he added.

MBR is an annual Malaysia licensing round organised by PETRONAS which offers investors diverse upstream opportunities including exploration blocks, undeveloped discovered resources and late life assets.

MBR 2022 themed, "Your Advantaged Energy Is Here" will be launched early next year offering more opportunities for potential investors to secure their “advantaged barrels” and create value.

About Petronas

Established in 1974, Petroliam Nasional Berhad (PETRONAS) is a global energy and solutions company, ranked amongst the largest corporations on Fortune Global 500®️. As an integrated global LNG producer with over 37 years of experience, PETRONAS provides an uninterrupted supply of LNG to more than 25 countries around the world. PETRONAS has safely delivered more than 11,000 cargoes globally, sourced from its portfolio of facilities located in Malaysia, Australia and Egypt. PETRONAS is also the first global energy player to introduce the floating LNG concept in 2016, the PFLNG SATU, and introduced its deep-water FLNG, the PFLNG DUA, in 2021.