Seascape Energy, an exploration and production (E&P) company focused on Southeast Asian markets, has successfully received a 45% increase in its production sharing contract (PSC) in shallow waters off the coast of Peninsular Malaysia. This development follows a comprehensive subsurface review of the area and the identification of new gas resources in the Temaris region.
Details of the New Contract
Petroliam Nasional Berhad, Malaysia's national oil and gas company, has granted this 547 square kilometer increase to the north and east of the Temaris Cluster Small Field Asset PSC, bringing the total PSC area to approximately 1770 square kilometers. This 45% increase signifies the importance of pursuing significant resources under a single, integrated PSC.
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The Temaris area includes two gas discoveries and significant exploration potential at a depth of about 70 meters on the western side of the Malaysian basin. Seascape Energy acquired this PSC in June 2025 as part of the discovered resource opportunities element in MBR 2025.
Future Plans and Economic Impacts
The new investment includes processing new 3D seismic data and drilling an exploratory well. Funding for these commitments will be sourced from Seascape's existing financial resources, and continued development of the area will be contingent upon the execution of final documentation.
Given the increased value of the Temaris asset, this contract allows Seascape to add greater scope and depth to its project inventory. Additionally, this expansion reflects the confidence of regulatory bodies in Seascape's ability to continue developing a technical understanding of this play and trust in the company as an operator in the Malaysian basin.
Sproule ERCE has been appointed to update the Competent Person's Report (CPR), which previously identified 950 billion cubic feet of net contingent resources in the Temaris PSC. This updated report is expected to be released in the fourth quarter of 2026.
Seascape has also resumed the process of selling Temaris in light of its increased potential, aiming to introduce a new partner before submitting the Field Development Plan (FDAP) in late Q4 2026.
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