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. Bidders are expected to have the requisite upstream operating experience, technical capabilities and financial strength to be considered  by PETRONAS.
The qualifications required to be an Operator or Equity Partner are summarised as follows:


TECHNICAL CAPABILITY – bidders must demonstrate technical capability in the Exploration & Production (E&P) sector, specifically for the opportunities 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 – bidders must demonstrate financial capabilities to meet all the commitments related to the opportunities and will be assessed as follows: 
1 Liquidity, leverage, profitability and efficiency which indicate whether the bidder could remain solvent in the foreseeable future.
2 Net Tangible Asset (NTA) assessment which indicates the financial capabilities of the bidder to uphold and meet the proposed commitments.

Hence bidders are required submit the following documents for the 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 

Bidders who wishes to participate in the bid round are required to complete and submit the 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.