PETRONAS, through Malaysia Petroleum Management (MPM), has successfully concluded the Malaysia Bid Round 2024 (MBR 2024) with the signing of two Production Sharing Contracts (PSCs), SB306A and SB306B, located off the coast of Sabah. The PSCs were awarded to a consortium comprising INPEX Malaysia E&P SB306A Sdn. Bhd. (INPEX), PETRONAS Carigali Sdn. Bhd. (PETRONAS Carigali), and SMJ Energy Sdn. Bhd. (SMJ Energy).
This milestone brings the total to 14 new PSCs signed under MBR 2024, including MBR+, involving 12 different operators. These contracts encompass 11 Discovered Resource Opportunities (DRO) and three exploration blocks.

In a strategic move to expand Malaysia's hydrocarbon resources, PETRONAS has also signed Technical Evaluation Agreements (TEAs) for the Langkasuka Basin in the Straits of Malacca and the Layang-Layang Basin off the coast of Sabah. These agreements, made with seven leading oil and gas companies - BP, Eni, INPEX, PETRONAS Carigali, Pertamina, PTTEP and TotalEnergies - underscore PETRONAS’ commitment to unlocking frontier basins and driving exploration at these promising regions.

Senior Vice President of MPM, Datuk Ir. Bacho Pilong, said, "Malaysia continues to be a top-tier destination for upstream investment, offering extensive opportunities for industry players to expand their portfolios. The 14 PSCs awarded under MBR 2024 and MBR+ reinforces Malaysia's competitive edge and reflects strong investor confidence in the country as a leading Advantaged Energy hub.”

“We appreciate the support, commitment, and collaboration of our industry partners, who have been instrumental in the continued development of Malaysia’s hydrocarbon resources”, he added.

Building on the momentum of MBR 2024, MPM is pleased to launch MBR 2025 under the theme “Advancing Progress with Advantaged Energy”. This bid round offers five exploration blocks in the Malay and Penyu Basins offshore Peninsular Malaysia, and the Sandakan Basin, off the coast of Sabah, each presenting diverse geological plays with significant resource potential. Additionally, three DRO clusters are available in shallow waters near existing infrastructures and potential gas market, enabling rapid monetisation.

PETRONAS remains committed to ensuring an optimal and sustainable energy supply, with MPM playing a key role in managing petroleum arrangements and overseeing upstream petroleum activities in Malaysia.

About Petronas

Petroliam Nasional Berhad (PETRONAS) is a global energy company committed to producing and delivering energy and solutions needed to advance society responsibly and sustainably.

As Malaysia’s national oil and gas company, we safeguard and manage the nation’s hydrocarbon resources. Our aim is to maximise value through our integrated business model to meet the energy needs of the nation and our customers across the globe. Our portfolio includes oil and gas, petrochemicals, petroleum products, as well as a range of cleaner energy solutions.

Ensuring sustainable practices across our operations is important to how we conduct our business. Our goal is to achieve net zero carbon emissions by 2050, and we strive to be a valuable partner to our stakeholders in transitioning to a lower carbon energy future in a just and responsible manner.