Asia policymakers shifting to pragmatic energy mix, CEO of Malaysia's Petronas says

Bangkok, September 14 — Malaysia and Thailand have reinforced their energy collaboration by signing a Production Sharing Contract and Gas Sales Agreement for Block A-18-01 within the Malaysia-Thailand Joint Development Area. Economy Minister Akmal Nasrullah Mohd Nasir, who is on a two-day visit to Thailand, emphasized that these agreements would ensure ongoing development of the block, bolster investor confidence, and bolster the energy security of both nations.

The move comes at a crucial time when natural gas is projected to constitute 56% of Malaysia's total primary energy supply by 2050. Nasrullah stated that certainty, continuity, and confidence are crucial to attract investment, sustain production, and secure long-term value. The agreements were signed alongside the Petronas and PTT Public Company Limited.

Nasrullah highlighted the progress made in Block A-18-01 as a solid foundation for the continued growth of the MTJDA, which reflects half a century of cooperation between Malaysia and Thailand. The momentum from these agreements is expected to propel the next phase, which includes the development of a new PSC and GSA for Block B-17-01.

Malaysian Prime Minister Anutin Charnvirakul, Thai Energy Minister Akanat Promphan, and Akmal witnessed the signing ceremony. Thai Prime Minister Anutin described the MTJDA as a successful model of bilateral cooperation founded on trust and shared interests, stating that the new agreements signify another significant step in Malaysia-Thailand energy cooperation and have the potential to stimulate investment, support sustainable development, and foster shared prosperity.