Petronas launches Malaysia Bid Round 2021, offers 13 exploration blocks

March 17, 2021

Deadline 2021-03-01, The Bono:

Petroliam Nasional Bhd (Petronas) has launched the Malaysia Bid Round (MBR) 2021, under which the company is offering 13 oil and gas exploration blocks to open up more investment opportunities for investors to explore and monetise hydrocarbon resource potentials in Malaysia.

Petronas said in a statement today that out of the 13 offshore blocks, three are situated in the Malay basin in Peninsular Malaysia, four in the Sabah basin and the remaining six are located in the Sarawak basin. The Malay basin blocks are known as PM340, PM327 and PM342, the Sabah basin blocks are indicated as SB409, SB412, 2W and X, while the Sarawak basin blocks are specified as ND3A, SK4E, SK328, SK427, SK439 and SK440, according to Petronas.

MOGEC Webinar – Energy Transition: Global And Local RE Medium Outlook by Dr Wei Nee Chen

March 16, 2021

You are cordially invited to MOGEC Webinar-
Energy Transition: Global And Local RE Medium Outlook by Dr Wei Nee Chen

Register here to attend ;-

Malaysia’s Petronas delays Pengerang restart, sees challenging year

March 15, 2021

Dateline 2021-02-26, The Straits Times:

Malaysia’s Petronas on Friday (Feb 26) delayed the launch of its Pengerang Integrated Complex until the second half of the year from the first, but dismissed rumours partner Saudi Aramco was looking to exit the US$27 billion (S$36 billion) project.

The state oil firm Petronas said it faced another challenging year after booking a RM1.1 billion (S$361 million) loss for the final quarter of 2020, its third quarterly loss in a row, though higher prices and demand for liquefied natural gas (LNG) helped.

The world’s fourth-biggest LNG exporter had earned a profit of RM4.1 billion for the October-December quarter a year earlier.

UPDATE 1-Malaysia’s Petronas finds gas in Dokong-1 wildcat exploration well

March 14, 2021

Dateline 2021-02-24, Reuters:

Malaysia’s state energy firm Petroliam Nasional Bhd, or Petronas, said on Wednesday that it had discovered gas in the Dokong-1 wildcat exploration well in the Block SK417 production sharing contract (PSC).

The firm said the contaminant-free gas find in Dokong-1 in the shallow waters of Baram Province off the coast of Sarawak, revives the Baram shallow clastics play.

How Much Oil and Gas Is Contained in the South China Sea?

March 13, 2021

Dateline 2021-02-22, National Interest:

Stretching from Singapore and the Strait of Malacca in the southwest to the Strait of Taiwan, the South China Sea long has been considered one of the most important trade routes in the world.

The vast sea is also known to be rich in resources that can help meet the quickly rising energy demands of nearby countries.

According to the U.S. Energy Information Agency, it is estimated that the South China Sea holds about fourteen trillion barrels of natural gas and sixteen to thirty-three billion barrels of oil in proved and probable reserves—most of which are situated along the margins of the South China Sea rather than under the long disputed islets and reefs.

Petronas forging ahead at Malaysian gas project

March 12, 2021

Dateline 2021-02-23, Upstream Online:

Malaysia’s national upstream company Petronas Carigali is forging ahead with its Kasawari giant sour gas field development offshore Bintulu, Sarawak.

Petronas readies 13 blocks for 2021 offshore round

March 11, 2021

Historical news.

Dateline 2021-02-22, Energy Voice:

Malaysia will offer 13 offshore exploration blocks, including discovered fields and deep-water opportunities, as part of its Malaysia Bid Round (MBR) 2021 due to launch on 26 February.

Included in the round are six discovered fields to incentivise investors to undertake more extensive exploration activities within those blocks, Malaysian national oil company (NOC) Petronas said Friday. This year’s round also features four deep-water blocks next to the coast of Sarawak and Sabah, which saw prominent exploration discoveries in recent years, added Petronas.

The round will be launched virtually in Kuala Lumpur, Malaysia and live-streamed to three different markets in North America, UK and Europe, as well as Asia Pacific. Themed ‘Grow your Energy Portfolio with Us’, MBR 2021 aims to attract investors with unique capabilities to unlock the full potential of the hydrocarbon resources in Malaysia.

The State of the Nation: Rising crude oil price a positive for government finances

March 10, 2021

Not an engineering title, but news is slow.

Dateline 2021-02-22, The Edge:

THE recent uptrend in crude oil prices seems to suggest that the commodity is staging a comeback. Since breaching the US$50 per barrel mark in early December last year, Brent crude has continued to climb steadily amid the continued uncertainty surrounding the virus.

On Feb 8, Brent crude climbed above US$60 a barrel — for the first time in a year.

The rise in oil prices has been linked to several factors. One is undeniably propped up by the Covid-19 vaccine breakthrough last year, renewing optimism about fuel consumption, while colder winters have also helped push up prices, especially for liquefied natural gas (LNG).

ConocoPhillips wins Malaysia Block offshore Sabah

March 9, 2021

Hey, it’s a shallow water block.

Dateline 2021-02-22, Energy Voice:

Malaysia has awarded shallow-water exploration Block SB405 to U.S. major ConocoPhillips off the coast of Sabah.

The award is expected to help bolster interest in exploration activities offshore Sabah with more block investment opportunities on offer, Malaysian national oil company (NOC) Petronas said Friday.

ConocoPhillips will operate Block SB405 with an 85% interest. Petronas Carigali, the upstream division of the NOC, will hold the remaining 15% stake. ConocoPhillips already holds interests in five production-sharing contracts (PSCs) in Malaysia; Block J, G and Kebabangan offshore Sabah, as well as SK304 and WL-00 offshore Sarawak.

Shoutout – IEM MMA

March 2, 2021