Malaysia: MBR 2024 awards

Today, MPM announced the winners for four new PSCs that were offered during MBR 2024, three DROs and one exploration block. MBR 2024 was launched in January and included five exploration blocks and five DROs. Notably, no acreage was offered in Sarawak.

A summary of the awards is below (I will add further details as I locate them):

Exploration - Peninsular Malaysia:

• PM-320: Not awarded.
• PM-321: Not awarded.
• PM-515: awarded to PETRONAS Carigali / EPMV , with the PSC to be operated under Enhanced Profitability terms (EPT).

Exploration - Sabah

• SB-304: Not awarded.
• SB-306: Not awarded.

DRO - Peninsular Malaysia

• Korbu Cluster: Not awarded.
• Raja Cluster: awarded to Dialog Resources, with the cluster will be operated under the SFA terms. Dialog Resources, who were also awarded the Baram Junior Cluster DRO in MBR 2022.

DRO - Sabah

• Erb South: awarded to EPOMS, with the field to be operated under the SFA terms. EPOMS are a Malaysian service company who were also awarded the Bambazon Cluster in MBR 2023.
• Kerisi Cluster: Not awarded.
• Ubah Cluster: awarded to ConocoPhillips, Shell and PETRONAS Carigali. Likely with the same ownership structure as the Kebabang Cluster, which could offer potential synergies. The cluster will be operated under the Deepwater R/C terms.

Trends in recent awards

The chart below summarizes the blocks offered and awarded over the last 4 years' rounds.

The success (awards / offered) for each of the rounds was MBR 2021: 46%, MBR 2022: 62%, MBR 2023: 58%, MBR+: 100%, MBR 2024: 40%. In addition, we saw further awards in 2024, with the the BIGST cluster (PETRONAS Carigali / JX Nippon), Tembakau cluster (IPC), and Banang Field (Petra Energy development).

We can expect MBR 2025 to be launched in early-2025.

Feedback and questions

If you have any questions or comments, then drop me a DM.