General Criteria for Participation

Potential bidders are expected to be able to carry out the scopes of the PSC with due consideration of the specific nature and challenges of the assets which may require tailored solutions and advanced technologies. Such bidders are expected to have the requisite upstream operating experience, technical capabilities including niche strengths and financial strength to be considered for opportunities by PETRONAS.


The qualifications required to be an Operator and/or Equity Partner are summarised as follows:

TECHNICAL CAPABILITY – companies must demonstrate technical capability in the Exploration & Production (E&P) sector, specifically for the assets they wish to participate in. Hence, interested companies must submit:
1 Company Profile – organizational and shareholders structures, technical capability across E&P life of field including operating philosophy, track record, cost reduction efforts, technology applied and global portfolio. 

Management Profiles – CEO, Leadership Team, HSE Lead & Technical Leads.   

FINANCIAL CAPABILITY – companies must demonstrate financial capabilities to meet all the commitments related to the asset and will be assessed as follows: 
1 Liquidity, leverage, profitability and efficiency which indicate whether the company could remain solvent for the foreseeable future.
2 Net Tangible Asset (NTA) assessment which indicate the financial capabilities of the company to meet assets’ commitments.

Hence interested companies are required submit the following documents for above-said assessments: 

  1. Annual Reports for the past 3 consecutive years (comprising of its audited accounts)
  2. Interim financial reports (the most recent quarterly or half-yearly report)  
  3. Credit rating issued by S&P, Moody’s or Fitch Ratings, if available.

Know Your Counterparty (KYC 6) Questionnaire 

Potential bidders who wishes to participate in the offering is required to submit the completed KYC6 questionnaire. 


PETRONAS reserves the right to request for additional information for the purpose of evaluating the bidders’ proposals.
PETRONAS also reserves the absolute right and discretion on any decision concerning the bidding exercise and awards.

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