Petronas awards Permata Cluster PSC in Sabah to London firm

KUALA LUMPUR (Feb 10): Petroliam Nasional Bhd (Petronas) through the Malaysia Petroleum Management (MPM) has awarded the production sharing contract (PSC) for the Permata Cluster, located off the coast of Sabah, to London-based Bridge Petroleum Ltd.

Petronas in a statement on Monday said the award concludes the three Discovered Resource Opportunities (DRO) clusters and advances an additional exploration block offered under the Malaysia Bid Round 2025 (MBR 2025) launched early last year.

It said the development is a clear signal of continued investor confidence in Sabah’s upstream potential.

The award was marked by a document exchange ceremony in Kuala Lumpur, witnessed by Sabah Chief Minister Datuk Seri Panglima Hajiji Noor and Petronas president and group CEO Tan Sri Tengku Muhammad Taufik.

The Permata Cluster was awarded under a Small Field Asset (SFA) PSC, marking Bridge Petroleum’s entry into Malaysia as the sole operator. The cluster comprises the South East Collins, Lokan, Axinit, Realgar and Manikam fields.

Bridge Petroleum brings experience in subsea field development and project execution, positioning it to support offshore development in Sabah.

“The award reflects Malaysia’s growing attractiveness to international independent operators and underscores a strategic focus on innovation, diversity, and unlocking value from smaller offshore fields,” Petronas said.

The Permata Cluster covers an area with existing oil and gas discoveries and is estimated to contain about 10 million barrels of oil equivalent (MMboe) of untapped resources.

Bridge Petroleum plans to deploy subsea tie-back solutions to nearby facilities, with first commercial production targeted as early as 2029.

Beyond resource development, Petronas said the project is expected to generate economic spin‑offs, create skilled employment opportunities and support local service providers throughout its lifecycle.

Hajiji Noor said the initiatives align with the state government’s long-term strategy to strengthen Sabah’s energy sector through quality investments and close collaboration with Petronas.

“With opportunities now expanding across the state from the west to the east coast, we welcome reputable investors to partner with us in ensuring sustainable and lasting benefits for the people of Sabah,” he said.

Separately, Petronas and Sabah Energy Corporation Sdn Bhd (SEC) also exchanged the Heads of Agreement (HoA) for gas market security for the Mutiara Cluster.

Petronas said the HoA outlines key principles towards a future Gas Sales Agreement to support the Mutiara Cluster’s development by the first quarter of 2029.

Tengku Muhammad Taufik said the milestone reflects Petronas’ commitment to unlocking Malaysia’s energy potential through collaborative partnerships,

“This development contributes to regional growth, particularly in Sabah by creating opportunities for participation across the local energy ecosystem,” he said.

Awarded under an SFA PSC to DIALOG Resources Sdn Bhd in June 2025, the Mutiara Cluster is envisaged as a pioneering upstream development on Sabah’s east coast.

It is expected to catalyse future gas and oil monetisation in the eastern corridor, stimulate economic activity and reinforce Sabah’s role as a key energy growth area.

Petronas said the partnership is further strengthened through a Joint Task Force involving Petronas and Sabah state agencies to accelerate upstream and downstream developments along the east coast.

Governed by the Petroleum Development Act 1974, Petronas said it remains committed to ensuring an optimal and sustainable supply of oil and gas for energy security, with MPM playing a key role in managing Malaysia’s petroleum resources.

It added that more exploration and DRO opportunities will be offered under the Malaysia Bid Round 2026, scheduled to be launched on Feb 10, 2026.