Malaysia’s 2022 oil and gas bid round was a remarkable success, attracting fresh investment, new upstream explorers, as well as new ideas to the mix in Southeast Asia’s most successful market. Indeed, other Southeast Asian countries should take note as Malaysia also launched its 2023 round that will see more investors queuing up.
Petronas has taken a final investment decision (FID) for the development of its giant Kasawari carbon capture and storage (CCS) project offshore Sarawak in Malaysia. Significantly, it will be one of the first large scale CCS schemes in Southeast Asia and takes Malaysia closer to its goal of becoming a regional hub for carbon storage solutions.
Shell and its partners, Petronas Carigali and Brunei Energy Exploration, have taken a final investment decision (FID) on the Timi sweet gas development offshore Malaysia that will help boost the country’s liquefied natural gas (LNG) exports. Significantly, Shell said the development marks its first offshore wellhead platform to be powered by solar and wind in Malaysia.
POSCO International will start exploration offshore Peninsular Malaysia after winning the rights to the 4,738 sq km shallow-water Block PM524 as the South Korean company seeks to expand its footprint outside of Myanmar in the Southeast Asia region.
After reporting a $5 billion loss, Malaysian national oil company (NOC) Petronas is eager to see new money flow into its domestic upstream sector, especially as the majors, such as ExxonMobil, seek to exit the Southeast Asian nation.