PETROS expands offshore ventures

KUCHING: Petroleum Sarawak Berhad (PETROS), through its subsidiary Petroleum Sarawak Exploration and Production Sdn Bhd (PSEP), has recently inked multiple upstream agreements, including Production Sharing Contracts (PSCs) and Joint Operating Agreements, formalising its involvement in two Sarawak Exploration PSCs as part of the Malaysia Bid Round (MBR) 2023.

The MBR is organised by Malaysia Petroleum Management under PETRONAS, is a key initiative for licensing in the region.

“PSEP’s engagement in the two exploration PSCs, namely SK510 and 5E, signifies a strategic expansion in PETROS’ exploration endeavours within the Sarawak Basin. This move is aligned with our commitment to ensuring a sustained and long-term gas supply, in line with the Sarawak Gas Roadmap objectives,” said PETROS in a statement today (Jan 23).

The addition of these two new exploration PSCs demonstrates PETROS’ dedication to effectively managing and enhancing the value of Sarawak’s energy assets. This approach not only focuses on the sustainable development of the energy sector but also emphasises nurturing local talent and bolstering the economic framework of the region.

“Our ongoing collaboration with partners and key international industry players reflects a strong vote of confidence in both PETROS and Sarawak’s energy landscape,” it added.

With these latest agreements, PSEP’s involvement in offshore projects off the coast of Sarawak, now extends to eighteen PSCs. This expansion is a result of partnerships with leading oil companies from various nations.

“Currently, five of these offshore PSCs are producing, two are in the development phase, and exploration activities are underway in the remaining ten,” it said.