Janin (fourth right) and Petros chief operating officer Dr James Foo (third left) are pictured with other signatories at the signing ceremony.
KUCHING (Feb 15): Petroleum Sarawak Berhad (Petros) via its subsidiary Petroleum Sarawak Exploration and Production (PSEP) Sdn Bhd has entered into several upstream agreements formalising its participation in six Sarawak exploration blocks marketed under the Malaysia Bid Round (MBR) 2022.
PSEP’s participation in three of the exploration blocks namely 2A, 3B, and 4E, marks Petros pioneering into deep water exploration off the coast of Sarawak.
These deepwater production sharing contracts (PSCs) are going to be operated by Longboat Energy (2A) Limited, Sarawak Shell Berhad and Inpex Malaysia E&P 4E Sdn Bhd respectively, while the remaining three shallow water blocks namely SK325, SK328 and SK418, will be operated by Petronas Carigali Sdn Bhd.
“The signings of these agreements today are part of a focused effort to support further petroleum exploration activities and to power the state’s long-term socio-economic development throughout the oil and gas value chain, while tackling the energy trilemma to balance reliability, affordability and sustainability,” said Petros group chief executive officer Janin Girie in a statement today.
He said this is in line with Petros’ efforts to support the Sarawak government’s aspiration of being a developed state by 2030 while also progressing the state’s Energy Transition and Green Energy Agenda for a more sustainable energy future, towards reducing its carbon footprint as we gear up towards net zero in 2050.
“Petros is committed to our Purpose which is Harnessing Our Resources for the Sustainable Progress of Sarawak,” he added.
Since its inception in 2017, Petros has grown into an integrated player throughout the oil and natural gas value chain – streamlining efforts to power socio-economic development in Sarawak by increasing access to adequate hydrocarbon resources and expanding domestic utilisation of natural gas through industry partnerships.
With the signings, Petros now has equity in five operating PSCs, 10 exploration blocks and two Discovered Resource Opportunities (DROs).
For an onshore block in Miri, drilling is expected to commence by the second half of 2023.