PETRONAS wraps up Malaysia Bid Round 2022

Malaysia announced the results of its Malaysia Bid Round 2022 on 15 February, and on the same day launched its latest acreage offering, Malaysia Bid Round 2023. In a resounding vote of confidence in Malaysia's exploration potential, 9 of the 14 blocks on offer were awarded. Ten companies picked up acreage including incumbent operators, returning players and new entrants to not only Malaysia, but also Southeast Asia. PETRONAS dominated the round, winning an interest in each block awarded, as it refocuses on its domestic portfolio. But it is likely to be PETRONAS' regulatory arm Malaysia Petroleum Management (MPM) that will be most pleased with the awards. After several lacklustre bid rounds, MPM has reinvigorated Malaysia's acreage offerings by responding to industry feedback and showing a more open approach to potential investors. As the Malaysia Bid Round 2023 switches focus to Peninsular Malaysia, MPM will be hopeful this more collaborative approach continues to pay dividends.