TUESDAY, 23 JANUARY 2024
KUCHING: Petroleum Sarawak Berhad (PETROS) marked a significant milestone on Tuesday as its subsidiary, Petroleum Sarawak Exploration and Production Sdn Bhd (PSEP), signed multiple upstream agreements, solidifying its participation in two Sarawak Exploration Production Sharing Contracts (PSCs) under the Malaysia Bid Round (MBR) 2023.
The annual licensing round, organised by Malaysia Petroleum Management, PETRONAS, serves as a platform for industry players to secure exploration and production opportunities.
PSEP’s involvement in the exploration PSCs, namely SK510 and 5E, operated by PETRONAS Carigali Sdn. Bhd. and Sarawak Shell Berhad respectively, signifies PETROS’ strategic expansion of its exploration footprint in the Sarawak Basin. This move aligns with the Sarawak Gas Roadmap, aiming for sustained and long-term energy supply.
Dato Janin Girie, PETROS Group Chief Executive Officer, commented on the significance of these signings, stating, “The addition of these two exploration PSCs reflects our commitment to responsibly manage Sarawak’s energy resources. It is part of a broader strategy to develop the energy industry, nurture local talent, and strengthen the economic foundation. The continuous collaboration with our partners and international industry players is a testament to the confidence they place in PETROS and Sarawak.”
With the latest agreements, PETROS, through PSEP, now participates in eighteen PSCs off the coast of Sarawak, offshore Malaysia, collaborating with oil majors from various countries.
Among them, five PSCs are in production, two are in the development phase, and the remaining ten have initiated exploration activities.
The company remains actively engaged in upstream activities, including onshore exploration and commercialization. PETROS plans a substantial capital expenditure (CAPEX) of over RM8.5 billion in the next three years, demonstrating a continued commitment to the sustainable development of Sarawak’s energy sector.
Since its establishment in 2017, PETROS has evolved into an integrated player, contributing to the entire oil and gas value chain.
The company aims to drive socio-economic development in Sarawak by increasing access to hydrocarbon resources and expanding domestic natural gas utilisation through strategic industry partnerships. This holistic approach seeks to maximise positive benefits for the people of Sarawak. – UKASnews