Latest news with #MalaysiaBidRound2025
Daily Express
09-07-2025
- Business
- Daily Express
Sabah not ready to bid for major oil block yet: Masidi
Published on: Wednesday, July 09, 2025 Published on: Wed, Jul 09, 2025 By: Abbey Junior Text Size: State Finance Minister Datuk Seri Masidi Manjun said both SMJ Energy and Sabah International Petroleum (SIP) did not submit bids for the Mutiara Cluster production-sharing contract (PSC), which Petronas recently awarded to Peninsular Malaysia-based Dialog Group Berhad. Kota Kinabalu: Sabah's state-owned energy firms were not involved in the bidding for a lucrative oil block off the east coast because they still lack the expertise and capital needed to compete in large-scale exploration projects, the State Assembly was told. State Finance Minister Datuk Seri Masidi Manjun said both SMJ Energy and Sabah International Petroleum (SIP) did not submit bids for the Mutiara Cluster production-sharing contract (PSC), which Petronas recently awarded to Peninsular Malaysia-based Dialog Group Berhad. 'Exploration requires billions in capital. At this point, SIP and SMJ are not yet qualified to take on such bidding because we lack the technical expertise,' he said during the question-and-answer session. He was responding to a supplementary question from opposition leader Datuk Seri Mohd Shafie Apdal (Warisan-Senallang), who raised concerns about Sabah firms being sidelined in the management of its own oil and gas resources. 'This isn't about politics. It's about protecting what belongs to Sabah,' said Shafie. 'Why weren't SMJ or SIP even involved, when the block is right off our coast?' Masidi explained that the Mutiara Cluster contract was part of an international bid under the Malaysia Bid Round 2025, and it is still at the exploration stage. 'No oil has been extracted yet. But trust me — SMJ has its own involvement, which we will announce later,' he said. He also stressed that Sabah's role in the sector is protected under the Commercial Collaboration Agreement (CCA) signed with Petronas, which includes a joint committee to determine the extent of the State's participation. 'So far, there is nothing Petronas has given to Sarawak that it won't also give to Sabah,' he said. Masidi added that while Sarawak had a 100-year head-start in the oil and gas industry, Sabah was only now beginning to catch up. 'We are just starting out — we're crawling while they are already running,' he said. Despite Shafie's call for firmer policies to secure Sabah's natural resources, Masidi said the State Government believes in quiet but consistent action. 'We work quietly - and we see results. Others may talk, but have no outcomes,' he said. Earlier, Daily Express reported that Dialog Group Berhad, a Peninsular Malaysia-based company listed on Bursa Malaysia, was awarded a 14-year production-sharing contract by Petronas on June 13 for the Mutiara Cluster Small Field Asset through its wholly owned unit, Dialog Resources Sdn Bhd. The cluster comprises five marginal fields — Nymphe, Nymphe North, Kuda Terbang, Benrinnes and Mutiara Hitam — located in the Sandakan Basin. It marks the first time commercially viable oil and gas reserves have been confirmed off Sabah's east coast in the Sulu Sea, with first gas targeted before the first quarter of 2029. To accelerate the project, Dialog also signed a one-year, non-binding memorandum of understanding (MOU) with Petronas to explore cost reductions and fast-track production. The two parties will share technical data and collaborate on field development and abandonment plans. Founded in 1984 and led by Tan Sri Dr Ngau Boon Keat, Dialog has grown through partnerships with global technology providers. It is a constituent of the FTSE4Good Bursa Malaysia and FBM Mid 70 Index, with a market capitalisation of RM9.3 billion. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Star
08-07-2025
- Business
- The Star
Sabah firms didn't bid for Mutiara Cluster O&G project due to lack of expertise, capital, says Masidi
Finance Minister Datuk Seri Masidi Manjun explained in the Sabah State Assembly that Sabah's state-owned firms lacked the technical expertise and capital to bid for the Mutiara Cluster oil and gas project. KOTA KINABALU: Sabah state-owned firms did not bid for the Mutiara Cluster oil and gas project off the state's East coast because they lacked the necessary technical expertise and financial capacity to compete in an international bidding process, says Finance Minister Datuk Seri Masidi Manjun. The 14-year production-sharing contract (PSC), part of the Malaysia Bid Round 2025, was awarded by PETRONAS to Dialog Group Bhd — a Peninsular Malaysia-based listed company — for the exploration of the Mutiara Cluster located in the Sandakan Basin. 'Exploration requires billions in capital. At this point, SIP (Sabah International Petroleum) and SMJ Energy are not yet qualified to take on such bidding because we lack the technical expertise,' he said. He was responding to a supplementary question from Warisan president Datuk Seri Mohd Shafie Apdal (Senallang) during the state assembly's question-and-answer session on Tuesday (July 8). Masidi stressed that Sabah's non-involvement in this round of bidding does not mean the state is being excluded from the sector. 'But trust me — SMJ has its own involvement, which we will announce later,' he added. He explained that Sabah's participation in the oil and gas industry is guided by the Commercial Collaboration Agreement (CCA) with PETRONAS, which includes a joint committee to determine the extent of state involvement. 'So far, there is nothing that PETRONAS has given to Sarawak that it will not also give to Sabah,' he said. Masidi also urged for a more realistic view of Sabah's development, pointing out that Sarawak had a century-long head start. 'We are often compared with Sarawak, but their oil industry began over a hundred years ago. We are just starting out — we are crawling while they are already running,' he said. Earlier, Shafie had raised concern over Sabah's position in managing its own oil and gas resources, questioning why a lucrative offshore project near Sandakan was awarded to an outside firm. 'This is not about politics. This is about Sabah's wealth,' said Shafie. 'We've fought for years to increase Sabah's share from PETRONAS — and now, when an oil block right in our own waters is up for grabs, why aren't our companies even at the table? SMJ and SIP should have been involved from the start.' He said Sabah must adopt a firmer, clearer policy on resource ownership, similar to Sarawak. 'PETRONAS cannot just go around awarding our resources without engaging us directly. The state government must protect what belongs to Sabah,' he said.
Borneo Post
18-06-2025
- Business
- Borneo Post
Petronas awards PSC for Temaris cluster small field asset
Bacho, (11th from left) together with representatives from Seascape Energy, Afed Texcal and Posco International, commemorating the signing of the Temaris Cluster SFA PSC and two technical evaluation agreements. KUALA LUMPUR (June 18): Petroliam Nasional Bhd (Petronas), through Malaysia Petroleum Management (MPM), has awarded the Temaris Cluster small field asset production sharing contract (SFA PSC) to Seascape Energy Asia (One) Sdn Bhd, a wholly owned subsidiary of Seascape Energy Asia plc (Seascape). Located in the Malay Basin offshore Peninsular Malaysia, the Temaris Cluster comprises the Tembakau and Mengkuang gas fields. This marks the second SFA PSC awarded from the three Discovered Resource Opportunities (DRO) clusters offered under the Malaysia Bid Round 2025 launched earlier this year. Strategically located near existing production infrastructure, the Temaris Cluster benefits from development synergies that enable, cost efficiency and accelerated monetisation of resources. MPM senior vice president, Datuk Bacho Pilong, said, 'Petronas is actively pursuing the development of Peninsular Malaysia's hydrocarbon resources. 'With an expected output of approximately 100 million standard cubic feet of gas per day (MMscfd) and first production targeted by 2029, the Temaris Cluster SFA PSC marks another milestone in our continuous efforts to support the nation's energy security while driving sustainable growth in the industry.' As the sole party to the SFA PSC, Seascape will mark its operational debut in Malaysia, affirming the country's position as a leading energy investment destination. As part of the strategic move to expand Peninsular Malaysia's hydrocarbon resources, Petronas has also signed Technical Evaluation Agreement (TEA) with Afed Texcal Energy Ventures (Afed Texcal) for Langkasuka basin in the Straits of Malacca and POSCO International (Posco) for Layang-Layang Basin off the coast of Sabah. The collaboration highlights Petronas' continued commitment to activate frontier basins and advancing exploration efforts in this promising area. Petronas remains committed to ensuring an optimal and sustainable supply of oil and gas for energy security, with MPM playing a crucial role in managing the country's petroleum resources and providing stewardship for upstream petroleum activities in Malaysia. oil and gas Petronas production sharing contract Seascape Energy Asia
Barnama
17-06-2025
- Business
- Barnama
PETRONAS Boosts Malaysia's Energy Security With Award Of PSC For Temaris Cluster Small Field Asset
KUALA LUMPUR, June 17 (Bernama) -- PETRONAS, through Malaysia Petroleum Management (MPM), has awarded the Temaris Cluster Small Field Asset Production Sharing Contract (SFA PSC) to Seascape Energy Asia (One) Sdn Bhd, a wholly owned subsidiary of Seascape Energy Asia plc (Seascape). Located in the Malay Basin offshore Peninsular Malaysia, the Temaris Cluster comprises the Tembakau and Mengkuang gas fields. This marks the second SFA PSC awarded from the three Discovered Resource Opportunities (DRO) clusters offered under the Malaysia Bid Round 2025 launched earlier this year.
New Straits Times
17-06-2025
- Business
- New Straits Times
Petronas awards Temaris gas contract to support energy goals
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has awarded the Temaris Cluster small field asset production sharing contract (PSC) to Seascape Energy Asia (One) Sdn Bhd, a wholly owned unit of Seascape Energy Asia plc. The contract was awarded via Malaysia Petroleum Management (MPM), Petronas' upstream resource management arm. The Temaris Cluster, located in the Malay Basin offshore Peninsular Malaysia, comprises the Tembakau and Mengkuang gas fields. In a statement today, Petronas said this is the second PSC awarded under the three discovered resource opportunities clusters offered in the Malaysia Bid Round 2025. It said the cluster is located near existing production infrastructure, enabling cost efficiencies and faster development. MPM senior vice-president Datuk Ir Bacho Pilong said the Temaris project is expected to produce about 100 million standard cubic feet of gas per day, with first production targeted in 2029. "This marks another step in supporting national energy security while enabling growth in the upstream sector," he said. Seascape will be the sole contractor under the PSC, making its operational debut in Malaysia. Separately, Petronas has signed technical evaluation agreements with AFED TEXCAL Energy Ventures for the Langkasuka Basin in the Straits of Malacca, and with POSCO International for the Layang-Layang Basin off Sabah. These efforts are part of its broader push to explore frontier basins. Petronas, through MPM, manages Malaysia's petroleum resources and oversees upstream exploration and production activities.
