Petronas has awarded Ping Petroleum two production sharing contracts (PSCs) for discovered oil and gas resources in Malaysia marking the company’s debut in its home country.
The government of Indonesia has granted a 20-year extension of the Tangguh production sharing contract (Tangguh PSC) to BP (LON:BP), operator of the PSC, and its Tangguh PSC partners at the LNG export development.
Petronas has awarded two new small field asset (SFA) production-sharing contracts (PSCs) to Singapore-listed Rex International for the Rhu-Ara and Diwangsa clusters offshore Peninsular Malaysia.
Indonesia is offering six upstream blocks as part of its first licensing round in 2021 with improved terms to help attract new investment. Significantly, investors will have the option to choose between the newer gross-split production-sharing contract (PSC) and the traditional cost-recovery PSC, which the government tried to phase out in recent years.
Pertamina and PetroChina have made a joint proposal to operate the Jabung Block in Indonesia’s Jambi province when the current contract expires in 2023. The move marks a significant turning point, as before Pertamina would automatically takeover key legacy production-sharing contracts (PSCs) set to expire.
Indonesian national oil company (NOC) Pertamina has so far failed to agree a commercial deal with Chevron for a key chemical formula that is critical for enhanced oil recovery (EOR) efforts at the legacy Rokan Block.
Petronas MPM hopes to lure investors to Malaysia’s shallow-water and late-life assets after revealing new fiscal terms as part of an ongoing effort to revive its domestic upstream sector. The move could help Malaysia steal a march on neighboring countries.
A new bill increasing taxation on Nigeria’s oil industry would drive a decline in deepwater production of around 20% by 2023, industry group Oil Producer Trade Section (OPTS) has said.