Petronas signed two PSCs for Sabah offshore blocks, the last awarded under Malaysia’s 2024 bid round.The 2023 auction granted 14 licenses to 12 operators, covering 11 DROs and three exploration blocks.
A consortium of INPEX, Petronas, and SMJ Energy won PSCs SB306A and SB306B. INPEX operates with a 50% stake, Petronas holds 42.5%, and SMJ Energy 7.5%.INPEX said the new blocks support its gas and LNG expansion under Vision 2035 and boost its Malaysia holdings to six.
The company pledged to strengthen its Malaysia business.Petronas also signed two Technical Evaluation Agreements for the Langkasuka and Layang-Layang basins.
Petronas launched its 2025 bid round, offering five exploration blocks and three DRO clusters.MPM’s Datuk Ir. Bacho Pilong called Malaysia a prime upstream investment hub.Earlier, Petronas began a Malay Basin subsurface study with Beicip Franlab Asia.Petronas’ study uses 4D modeling and AI to analyze the Malay Basin’s subsurface and hydrocarbon potential.
The basin, a South China Sea “super basin,” has yielded 9B+ barrels since the 1970s.Recent discoveries highlight its potential, including opportunities for Carbon Capture and Storage.
