PETRONAS Signs Cooperation Agreements to Optimize Upstream Assets

en.Wedoany.com Reported - PETRONAS, through its subsidiary PETRONAS Carigali, has signed a series of agreements for producing upstream assets in Peninsular Malaysia and Sarawak as part of its portfolio optimization, aiming to responsibly develop assets and support Malaysia's long-term energy security and industrial development.

EnQuest Petroleum Production Malaysia Ltd will assume operatorship and participating interests in the Balingian PSC, SK8 PSC, and D35 PSC, and join PM6/12 PSC as a non-operating partner, bringing integrated technical capabilities in brownfield and late-life asset management. TI Exploration and Production (TI EP), based in Terengganu, will hold a non-operating participating interest in PM6/12 PSC. TI EP is a joint venture between TI Petroleum (Terengganu Inc.) and Ping Petroleum, the latter specializing in brownfield redevelopment in the North Sea.

These strategic partnerships aim to combine PETRONAS' understanding of domestic resource bases with partners' technical expertise to support sustained production, maximize resource recovery, and promote operational learning, technical exchange, and capacity building in Malaysia's upstream sector under the petroleum agreement framework.

Mohd Jukris Abdul Wahab stated that these partnerships reflect PETRONAS' responsibility to maintain long-term value creation while managing national resources, creating opportunities for national equity participation, attracting sustained investment, enhancing industrial capabilities, and securing Malaysia's energy security.

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