Petronas Carigali is gearing up for a new round of offshore exploration drilling in Malaysian waters, with the national upstream company identifying several additional wildcat prospects for potential drilling as early as 2026.
According to newly released notices from Malaysia’s Marine Department (Jabatan Laut), Petronas Carigali will this week begin a marine geohazards survey across four prospects in the South China Sea off Terengganu: Geranium-1, Balsam-1, Palas Deep, and Guntong Deep.
The work will be carried out by the Malaysia-flagged multi-purpose vessel MW Cassandra No. 5, with survey completion targeted for 19 December. These surveys typically precede final well planning and location approval, signaling Petronas’ intent to substantially expand its drilling footprint in Peninsular Malaysia.
Momentum Builds After Bindu Startup
The exploration program follows the successful startup of the Bindu field in June, operated jointly by Petronas Carigali and ExxonMobil. Bindu is tied back to the Guntong E production hub, part of a broader cluster where Petronas and ExxonMobil continue to optimize mature assets.
Last year, ExxonMobil transferred operatorship of two Malaysian production sharing contracts (PSCs) to Petronas Carigali, reinforcing the national company’s position as the dominant upstream operator in domestic waters.
Assets May Join New Indonesia–Malaysia JV
While yet to be confirmed by either company, analysts at Rystad Energy believe three of Petronas Carigali’s Peninsular Malaysia positions — the Gas PSC, the 2008 PSC, and the Sepat oil block — may ultimately be placed into a new Indonesia–Malaysia upstream joint venture being developed with Eni.
The JV is expected to pool selected assets from both companies to accelerate offshore development, enhance resource monetization, and support cross-border collaboration.