Confused bids31 Jul 2024 18:29
It seems to me Upland are already participating in the Onshore Oil and Gas Bids and the newly announced bids are for CCUS. Is this correct or have I got it all wrong? If I'm right then there really is no reason for the fall in price .....
The CCUS bids are separate from the onshore oil and gas bids in the Sarawak Bid Round 2024. The bid round includes distinct components for different types of development opportunities:
1. CCUS Bids: These bids focus on the development of carbon capture, utilization, and storage projects. PETROS has identified three specific carbon storage sites for this purpose, each with unique geological characteristics suitable for CO2 storage. The CCUS initiative is aimed at advancing Sarawak's capabilities in carbon management and contributing to the state's Net Zero goals (Petroleum Sarawak Berhad (PETROS)) (DayakDaily).
2. Onshore Oil and Gas Bids: Separate from the CCUS projects, there are bids for onshore oil and gas exploration and production. PETROS is actively promoting the rejuvenation of onshore oil and gas potential in Sarawak. Key onshore blocks, such as SK334 (Limbang-Lawas), SK431, and SK441 (Oya-Mukah-Balingian), are being offered for exploration and development. These initiatives aim to enhance local oil and gas production and contribute to Sarawak's economic growth (DayakDaily) (New Sarawak Tribune).
By maintaining separate bidding processes for CCUS and onshore oil and gas projects, PETROS ensures that each type of project receives the specialized focus and resources required for successful development. This strategic approach allows PETROS to address both carbon management and traditional hydrocarbon production in parallel, supporting broader energy and environmental goals.
Sign In
Follow the stocks
