Malaysia’a state energy firm Petronas said on Feb. 19 it had awarded Block SB405 in North East Sabah Basin to ConocoPhillips East Malaysia Ltd. (COPEM).
The firm said the award of the block was expected to bolster exploration activities off the coast of Sabah state.
“The entry of COPEM with its world class proprietary seismic technology into Block SB405 is expected to enhance the hydrocarbon resource potential off the coast of Sabah,” said Mohamed Firouz Asnan, senior vice president of Malaysia Petroleum Management.
The money will be invested by Eni and its joint venture partners in the country in exploration and production, refining and solar energy.
While improved oil prices have boosted expectations for 2021, executives are cautious about the potential for Biden administration oil and gas policy changes or the threat that OPEC and partners could easily return oil to the global market.
IHS Markit’s vice-chairman and winner of the Pulitzer Prize talks oil, natural gas, the energy transition, climate and his new book with Hart Energy.