Page 32: of Offshore Engineer Magazine (Jul/Aug 2024)

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REGION IN FOCUS MALAYSIA

Recent discoveries and strategic initiatives are enhancing 40 wells this year, doubling the number drilled during the the attractiveness of the O&G sector in Indonesia. Plans pandemic. And while exploration in Indonesia is expected are underway to offer new exploration blocks in the North to decrease slightly in the latter half of the decade, it is ex-

Sumatra basin by mid-2024, focusing on unconventional pected to remain consistent in Malaysia through 2028 due resources. These efforts are complemented by substantial to successful bidding rounds in recent years.

revisions to the Oil and Gas Law and the implementation Fossil fuels currently account for three-quarters of the of investor-friendly fscal policies to streamline the invest- increase in energy demand by 2030 in the Asia-Pacifc re- ment process. gion, leading to a notable rise in related carbon emissions.

In January, Malaysia’s state energy frm Petronas was To accelerate the transition to clean energy while meeting awarded production-sharing contracts for six exploration rising demand, the region must attract signifcantly higher blocks in the 2023 bidding round. A fresh bidding round levels of investment in the energy sector.

was launched to explore 10 blocks and clusters, targeting potential investors. In July, Petronas signed contracts for

Strengthening local support three Discovered Resource Opportunities (DRO) clusters Countries in the region are increasingly localizing en- located offshore Peninsular Malaysia. ergy projects, collaborating with local partners and sup-

Malaysia is set to drill approximately 30 exploration wells pliers to gain more control over production. Such critical this year and 35 wells in 2025, a sharp rise from just eight energy projects require substantial local support if they in 2021. Meanwhile, Indonesia is expected drill around are to reach their potential. Unlike projects in Europe 32 OFFSHORE ENGINEER OEDIGITAL.COM