Petroleum Sarawak Bhd (Petros) has officially launched the Sarawak Bid Round (SBR) 2024, inviting multinational companies to participate in the development of the carbon capture, utilisation, and storage (CCUS) industry in Sarawak.
The launch event saw attendance from nearly 200 invited participants, including representatives from multinational corporations, upstream players, and carbon emitters.
In a statement, Petros announced that three carbon storage sites have been identified for this bid round. These sites offer distinct advantages and opportunities for successful CCUS studies, with an estimated total storage capacity of approximately 1,000 million tonnes (MT) CO2e.
The objective of the bid round is to highlight Sarawak’s carbon storage capabilities, providing a transparent and competitive platform for potential investors to conduct techno-commercial storage studies and advance the CCUS value chain in the region. Petros’ Senior Vice President for Sarawak Resource Management, Nazrin Banu Shaikh Sajjad Ahmad, emphasized in her keynote address, “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 further stated that through collaborative efforts between Petros as the resource manager of CCUS and competent companies, Sarawak aims to achieve its vision of becoming the regional low-carbon solution provider of choice, positioning itself as the CCUS heartland for the Asia Pacific region.
Site 1 offers a saline aquifer in the Southwest and Western Luconia province, which is set to become the center of energy growth, supporting the establishment of the Kuching Economic Hub. This site will facilitate the development of sour gas fields and the decarbonization of new industries in Kuching, as well as existing local emissions.
Site 2 consists of several depleted fields nearing the end of their field life in the Balingian province. The site’s proximity to shore aligns with the potential development of a new onshore gas plant.
Site 3 includes saline aquifers and depleted fields in the Central Luconia province, featuring high-quality reservoirs and existing oil and gas infrastructure. This site also offers potential for nearby sour gas field development, presenting integrated development opportunities.
In addition to CCUS, Petros is dedicated to rejuvenating onshore oil and gas potential in Sarawak and advancing the early commercialization of onshore oil and gas discoveries. Currently, Adong Kechil West in Block SK433, located 24 km from Miri town, is progressing well towards first production and commercialization in 2025.
Nazrin added, “Replicating this success is key for onshore upstream rejuvenation, and Petros is investing significantly to de-risk the petroleum system elements and further upgrade onshore prospectivity in all onshore blocks, particularly in Blocks SK334 (Limbang-Lawas), SK431, and SK441 (Oya-Mukah-Balingian). Currently, we are conducting more studies through seismic reprocessing and seismic acquisition and exploring the application of enhanced full tensor gravity (e-FTG) technology in onshore Sarawak.”