KUCHING: Petroleum Sarawak Berhad (PETROS), via its subsidiary Petroleum Sarawak Exploration and Production (PSEP) Sdn Bhd entered into several upstream agreements formalising its participation in six Sarawak exploration blocks marketed under the Malaysia Bid Round (MBR) 2022.
PETROS group chief executive officer Janin Girie said these agreements are part of a focused effort to support further petroleum exploration activities to grow Sarawak’s resource base and to power the long-term socio-economic development.
“In addition, by actively participating throughout the oil and gas value chain, it will also tackle the energy trilemma to balance reliability, affordability and sustainability,” he said in a statement today.
He added this is in line with the group’s effort to support the Sarawak government’s aspiration of being a developed state by 2030.
“At the same time, it will also help progress the state’s energy transition and green energy agenda for a more sustainable energy future, towards reducing our carbon footprint as we gear up towards net zero in 2050.
“PETROS is committed to our purpose which is harnessing our resources for the sustainable progress of Sarawak,” he concluded.
MBR is an annual licensing round organised by Malaysia Petroleum Management (MPM), PETRONAS.
PSEP’s participation in three of the exploration blocks namely 2A, 3B, and 4E, marks PETROS pioneering into deepwater exploration off the coast of Sarawak.
These deepwater PSCs are going to be operated by Longboat Energy (2A) Limited, Sarawak Shell Berhad and Inpex Malaysia E&P 4E Sdn Bhd, respectively.
While the remaining three shallow water blocks namely SK325, SK328 and SK418, will be operated by PETRONAS Carigali Sdn Bhd.
With the signings, PETROS now has equity in five operating PSCs, 10 exploration blocks and two Discovered Resource Opportunities (DROs), and for an onshore block in Miri, drilling is expected to commence by the second half of 2023.
