Petros inks deal to participate in 2 more exploration PSCs

KUCHING (Jan 24): Petroleum Sarawak Berhad (Petros), via its subsidiary Petroleum Sarawak Exploration and Production Sdn Bhd (PSEP), has signed several upstream agreements to further expand its exploration footprint in the Sarawak Basin.

In a statement, Petros said the agreements signed, including production sharing contracts (PSCs) and joint operating agreements, have formalised its participation in two Sarawak exploration PSCs under the Malaysia Bid Round (MBR) 2023 held yesterday.

MBR is an annual licensing round organised by Malaysia Petroleum Management of Petroliam Nasional Berhad (Petronas).

The two exploration PSCs are named SK510 and 5E, which will be operated by Petronas Carigali Sdn Bhd and Sarawak Shell Berhad respectively.

“The signings of these two additional exploration PSCs form part of a focused effort to responsibly manage and add value to Sarawak’s energy resources while sustainably developing the energy industry, local talent and economic base.

“The continuous collaboration with our partners and international industry players is also a reaffirmation and expression of confidence in Petros and Sarawak,” said Petros group chief executive officer Dato Janin Girie.

Through the signings, Petros via PSEP is now participating in 18 PSCs off the coast of Sarawak, offshore Malaysia, in collaboration with oil majors from several countries.

“To-date, five of these offshore PSCs are in production, two PSCs are in development phase and the 10 PSCs have commenced exploration activities,” said Petros.

Petros said the company will continue to be actively involved in upstream activities, including rejuvenating onshore exploration and commercialisation, as well as plans to invest over RM8.5 billion in capital expenditure over the next three years.

Since its inception in 2017, Petros has grown into an integrated player actively participating throughout the oil and gas value chain, streamlining efforts to power socio-economic development in Sarawak by increasing access to adequate hydrocarbon resources.