PETROS LAUNCHES SARAWAK BID ROUND 2024

Date: 24 July 2024

24 July 2024, Kuching - Petroleum Sarawak Berhad (PETROS) today launched the Sarawak Bid Round (SBR) 2024, a key initiative aimed at harnessing Sarawak's distinctive geology for Carbon Capture, Utilisation, and Storage (CCUS). The event, with the theme Advancing CCUS for Sarawak and Beyond, underscores PETROS' commitment to driving CCUS innovation and contributing to the region’s Net Zero goals.

The bid round aims to promote and showcase Sarawak’s carbon storage capabilities, providing a transparent and competitive platform for potential investors interested in conducting techno-commercial storage studies to develop the CCUS value chain in Sarawak.

The launch was attended by almost 200 participants by invitation only from multinational companies, including upstream players, carbon emitters, infrastructure developers, service providers, shipping companies, financial institutions, and consultancy firms.

Nazrin Banu Shaikh Sajjad Ahmad, PETROS Senior Vice President for Sarawak Resource Management, said when delivering her keynote at the event, “Sarawak Bid Round 2024 is more than just an event; it is a strategic milestone towards a low-carbon economy – enabled by the CCUS industry. We invite forward-thinking companies to join us in the economic development of Sarawak, leveraging its vast CCUS geological potential.”

She continued, “Through purposeful collaboration between PETROS as the Resource Manager of CCUS and competent companies, Sarawak can achieve its vision to be the regional low-carbon solution provider of choice and establish Sarawak as the CCUS heartland for the Asia Pacific region. This bid round provides a unique platform for stakeholders to explore and implement cutting-edge solutions that will drive our development goals and economic growth as we move towards Net Zero.”

Three Carbon Storage Sites have been identified for this bid round, each offering unique advantages and opportunities for successful CCUS studies with an estimated total storage capacity of approximately 1,000 million tonnes (MT) CO2e.

• Site 1 is offering a saline aquifer in the Southwest and Western Luconia province, which will be the centre of energy growth supporting the establishment of the Kuching Economic Hub. It will enable sour gas fields development and decarbonisation of new industries in Kuching as well as existing local emissions.
• Site 2 comprises several depleted fields nearing the end of their field life in the Balingian province – this site’s proximity to shore aligns with the potential development of a new onshore gas plant.
• Site 3 features saline aquifers and depleted fields in the Central Luconia province, including high-quality reservoirs and existing oil & gas infrastructure, with potential nearby sour gas field development offering integrated development opportunities.

Nazrin added, “In addition to CCUS, PETROS is also committed to rejuvenating Onshore oil and gas potential in Sarawak and advancing early commercialisation of onshore oil and gas discoveries. Today, Adong Kechil West in Block SK433, located 24 km from Miri town, is progressing well towards first production and commercialisation in 2025.”

“Replicating this success is key for Onshore Upstream rejuvenation, and PETROS is investing significantly to de-risk the petroleum system element and further upgrade onshore prospectivity in all onshore blocks, particularly in Blocks SK334 (Limbang-Lawas), SK431 and SK441 (Oya-Mukah-Balingian). Currently, we are carrying out more studies through seismic reprocessing and seismic acquisition and looking into the application of enhanced full tensor gravity (e-FTG) technology in onshore Sarawak,” she concluded.

For more information and to participate in Sarawak Bid Round 2024, please contact petros.sbr@petroleumsarawak.com.

Nazrin Banu Shaikh Sajjad Ahmad, PETROS Senior Vice President for Sarawak Resource Management giving her opening remarks.

Nazrin (centre) together with the participants at the Sarawak Bid Round 2024.

Participants gather around PETROS booth at Sarawak Bid Round 2024.

PETROS Senior Vice President for Sarawak Resource Management, Nazrin Banu Shaikh Sajjad Ahmad (centre), engages with participants at the Sarawak Bid Round 2024.

- END -