ExxonMobil’s decision to withdraw from its 50% stake in Suriname’s offshore Block 52 marks a key turning point for the company’s operations in the Suriname-Guyana basin. The block, widely regarded as a high-potential asset for hydrocarbon exploration, has now transitioned fully into the hands of its operator, Malaysian state-owned oil company Petronas. This change, formalised […]
PETRONAS, Malaysia’s state-owned energy giant, reported a revenue increase to RM171.7 billion (approximately USD 36.06 billion) for the first half of 2024 (1H 2024), up from RM169.0 billion (USD 35.49 billion) during the same period last year. This slight rise was primarily driven by the impact of foreign exchange rates, partially offset by lower average […]
PETRONAS, the Abu Dhabi National Oil Company (ADNOC), and Storegga have announced a significant Joint Study and Development Agreement (JSDA) to enhance carbon dioxide (CO2) emissions storage capabilities in the Penyu basin, offshore Peninsular Malaysia. This landmark agreement aims to achieve a CO2 capture and storage capacity of at least 5 million tonnes per annum […]
PETRONAS, through its Malaysia Petroleum Management (MPM) division, has awarded a significant Production Sharing Contract (PSC) to Vestigo Petroleum Sdn Bhd for the development of the NBE Cluster, consisting of the Nosong, Bongawan North, and Epidot fields, located off the coast of Sabah. This PSC, the first of its kind under the Malaysia Bid Round […]
PETRONAS CCS Ventures Sdn Bhd, a wholly-owned subsidiary of PETRONAS, has entered into a strategic partnership with DNV, a global quality assurance and risk management company, by signing a Master Price Agreement for the certification of carbon dioxide (CO2) storage sites and associated facilities in Malaysia. This agreement, aimed at bolstering Carbon Capture and Storage […]
PC Ketapang II Ltd. (PCK2L), a pivotal subsidiary of Malaysia’s PETRONAS, has successfully secured a Production Sharing Contract (PSC) extension for the Ketapang Contract Area in the Java Sea, which will now continue until 2048. This extension follows the recent approval by the Government of Indonesia through the Ministry of Energy and Mineral Resources, cementing […]
INPEX CORPORATION, Japan’s premier exploration and production (E&P) company, has marked a significant milestone in its strategic expansion within the energy sector by securing Block SK510 in the latest Malaysia Bid Round 2023. This announcement comes as part of a collaborative effort with Malaysia Petroleum Management (“MPM”) and Petroliam Nasional Berhad (PETRONAS), the custodian of […]
PC Ketapang II Ltd. (PCK2L), a subsidiary of the global energy giant PETRONAS, has successfully secured a significant extension to its energy operations in the Java Sea. The 20-year extension of the Production Sharing Contract (PSC) for the Ketapang Working Area, initially set to expire in 2028, represents a major milestone for the company. This […]
TotalEnergies, in partnership with QatarEnergy and Petronas, has signed a production sharing contract for Block 64 with Staatsolie Maatschappij Suriname, the state-owned oil company of Suriname. This contract follows the successful bid in the 2022-2023 round organized by Surinamese authorities. Strategic Partnership in Block 64 TotalEnergies will operate the block with a 40% interest, accompanied […]
CGG, in collaboration with PETRONAS, has initiated the Selat Melaka 2D multi-client seismic program targeting the Langkasuka Basin offshore Malaysia. This program, strategically located in the Malacca Strait, has secured industry funding and is scheduled to deliver preliminary products by December 2023, with the final results expected in August 2024. Innovative Imaging Technologies to Enhance […]