SKYE UMDP Exploration Berhad (“Skye UMDP”), a joint venture company set up by UMD Petroleum Sdn. Bhd. together with their Australian partner, SKYE Energy Ventures Pty Ltd, has been awarded by Petroliam Nasional Berhad (PETRONAS) (“PETRONAS”) the Production Sharing Contract (PSC) for Block PM340. SKYE UMDP is the operator with 50 per cent participating interest in the block whilst PETRONAS Carigali Sdn Bhd (“PCSB”), a wholly owned subsidiary of PETRONAS, holds the remaining 50 per cent participating interest.
The block was offered under the Malaysia Bid Round (MBR) 2022. MBR is an annual licensing round organised by Malaysia Petroleum Management (MPM), PETRONAS as the custodian of national hydrocarbon resources in Malaysia. The signing ceremony was held on the 15th of February 2023 at the Kuala Lumpur Convention Centre and signing on behalf of PETRONAS was Senior Vice President of Malaysia Petroleum Management Mohamed Firouz Asnan, while the Production Sharing Contractors were represented by SKYE UMDP Executive Director Suhaimi Abdul Manaf and PETRONAS Vice President of Malaysia Assets, Upstream and PCSB Chief Executive Officer Hasliza Othman. Also present was PETRONAS Executive Vice President & Chief Executive Officer of Upstream Datuk Adif Zulkifli.
As one of the co-founding Directors and President/CEO for the group of companies, Shahrin A Wahab expressed the vision where UMD Petroleum Sdn. Bhd. (“UMDP”) was set-up as part of the challenging journey in oil & gas industry, jump starting as an EPCIC contractor, followed by the building up of a strong subsurface team. This ambitious dream has now been rewarded with
the Block PM340 PSC, which is another tremendously challenging opportunity to prove the local company’s capability to venture into the Upstream foray with the readiness and support of the local financial institutions.
The acceptance of the trust given to us, inspired the collaboration of UMDP as the local platform with our foreign technical partner, Skye Energy Ventures (SKYE) which will be the focus today and eventually to our goal of becoming a full-fledged E&P company”, quoted Shahrin.
Suhaimi Abdul Manaf was pleased with the Block PM340 PSC award and added, it is evident that PETRONAS is indeed promoting capable local companies to venture into the upstream industry. Block PM340 in the Malay Basin is surrounded by several discoveries and key producing fields. SKYE UMDP envisions to explore the block, identify new hydrocarbon resources with upside potentials and through deployment of fit for purpose technologies, plans to create value of near field exploration & near field development via early monetisation of the discovered resources within the block.
[Note: 15 February 2023 – Actual Date of Press Release post signing of PSC]