Our assets

The company has varying stages of exploration, development and production activities across Malaysia, with working interests in five PSCs.

Four of these PSCs are located in waters off the eastern Malaysian state of Sabah: Block G, Block J, the Kebabangan Cluster (KBBC) and the Ubah Cluster, acquired in 2024. We also operate another exploration block, Block WL4-00 in waters off the eastern Malaysian state of Sarawak.

Block G

Malikai

Operator: Shell (35.0%)
Co-venturers: ConocoPhillips Sabah Ltd (35.0%), PETRONAS (30.0%)
ConocoPhillips Sabah Ltd owns a 35% working interest in Malikai. Malikai Phase 2 development first oil was achieved in February 2021. Malikai operates on a tension leg platform and pipes oil to the Kebabangan (KBB) platform for processing. Oil evacuation is via pipeline to Sabah Oil and Gas Terminal (SOGT) for tanker liftings.

Siakap North-Petai (SNP)

Operator: PTTEP (22.4%)
Co-venturers: PETRONAS (26.0%), ConocoPhillips Sabah Ltd (21.0%), Shell (21.0%), Pertamina (9.6%)

ConocoPhillips Sabah Ltd owns a 21% working interest in the unitized SNP oil field. First oil from SNP Phase 2 was achieved in November 2021. The subsea system in the SNP oil field is tied back to a floating production, storage and offloading vessel (FPSO) operated by PTTEP.

The PSC for Block G expires in 2033.

Block J^*

Gumusut¹

Operator: Shell (29.5%)
Co-venturers: ConocoPhillips Sabah Ltd (29.5%), PETRONAS (17.3%), PTTEP (7.1%), Pertamina (3.1%)

ConocoPhillips Sabah Ltd owns a 29.5% working interest in the unitized Gumusut field. Gumusut Phase 3 first oil was achieved in July 2022. Development drilling associated with Gumusut Phase 4, a four-well program targeting the Brunei acreage of the unitized Gumusut field that straddles Malaysia and Brunei waters, is planned to commence in 2024 with first oil anticipated in early 2025. The unitized Gumusut field is operated on a floating production system (FPS) with oil evacuation via a pipeline to SOGT for tanker liftings.

The PSC for Block J ends in 2038.

Kebabangan (KBBC) Cluster

Kebabangan, Kamunsu East and Kamunsu East Upthrown Canyon Operating Company Operator: Kebabangan Petroleum

Operator: ConocoPhillips Sabah Gas Ltd
Co-venturers: PETRONAS (40.0%), ConocoPhillips Sabah Gas Ltd (30.0%), Shell (30.0%)

The company owns a 30 percent working interest in the KBB, Kamunsu East and Kamunsu East Upthrown Canyon gas and condensate fields. KBBC was previously operated by a joint operating company, Kebabangan Petroleum Operating Company, and in January 2025, we became the sole operator of KBBC. There was no change to working interest as part of ConocoPhillips becoming sole operator.

Gas is transported from the KBB platform via pipeline for sale to the domestic gas market. Since 2019, KBB tied-in to a nearby third-party floating LNG vessel, which provided additional gas offtake capacity.   

The PSC for the cluster ends in 2050.

Exploration and business development

Block WL4-00

Operator: ConocoPhillips Sarawak Ltd (50.0%)
Co-venturer: PETRONAS (50.0%)

ConocoPhillips Sarawak Ltd owns a 50% working interest and operates Block WL4-00. Block WL4-00 encompasses 0.3 million net acres primarily in the Salam and Benum fields. The company continues to evaluate the block and information from prior well results. A 3D seismic survey was acquired in 2023, and processing and evaluation of this data is currently ongoing.

Ubah Cluster

Operator: ConocoPhillips Malaysia New Ventures Ltd 
Co-venturers: ConocoPhillips Malaysia New Ventures Ltd (35.0%) Shell (35.0%), PETRONAS (30.0%)  

Off the coast of Sabah, offshore Malaysia near the KBBC, the Ubah Cluster encompasses 11 thousand net acres. The Company is currently evaluating the block for future exploration and development opportunities.