By James Kon

Bandar Seri Begawan – Exploration work for oil and gas on two new blocks 'L' and 'M' are due to begin soon as PetroleumBRUNEI is currently evaluating bids submitted by many multinational firms and the successful bidder will be announced within the next month or so.

This was revealed by Minister of Energy, Pehin Data Awang Haji Yahya bin Begawan Mudim Dato Paduka Hall Bakar, at the launch of PetroleumBRUNEI's official web site during the annual dinner at the Rizqun International Hotel, Saturday evening.

Pehin Awang Haji Yahya is also the Chairman of PetroleumBRUNEI. Also present were Awang Mohammad Reduan bin Haji Mohd Yusof, Acting Chief Executive Officer of PetroleumBRUNEI, members of exPetroleumBRUNEI Board of Directors and staff.

Recalling the brief yet significant history of PetroleumBRUNEI, Pehin Yahya said, Brunei National Petroleum Company Sendirian Berhad was first registered on January 14, 2002 as a private limited company wholly owned by the government of His Majesty the Sultan and Yang Di-pertuan of Brunei Darussalam.

The company holds the rights on four designated petroleum exploration blocks within the country covering a total area of 15,300 square kilometres and has been tasked to look after the nation's interest in the oil and gas industry but from a commercial perspective.

"In year 2002, the company started carrying out the task of opening the country's Deep Water offshore Blocks 'J' and `K' located within the Brunei Exclusive Zone and in August 2005, PetroleumBRUNEI launched its two other blocks namely 'L' and 'M', both located within onshore Brunei," he added.

The Minister of Energy disclosed that with the submission of bids closed on January 3, 2006, several bids for both blocks L and M were received and are currently evaluated by PetroleumBRUNEI.

According to the chairman, the successful bidder will be announced within the next month or so, and from then on petroleum exploration work, which would involve seismic as well as drilling activities, will be carried out within the onshore blocks.

Touching on the company's vast involvement in local economy, the guest of honour highlighted that the company has embarked on a joint investment venture with Mitsubishi Gas Chemicals and ITOCHU Corporation from Japan for the building of a world class Methanol production plant in Brunei. Additionally, the company has also been busy identifying several ventures within the petroleum industry that are being looked at both in terms of its commercial prospectivity as well as issues of the nation's energy security.

Capping off, the Chairman said through Board of Directors and its management, the company should blend responsibility with creativity in exploring the various avenues for ensuring that the company delivers on its energy related responsibilities while generating a reasonable return on investment.

After the speech, Pehin Yahya presented mementos to Pehin Dato Awang Hj Abdul Rahman bin Dato Setia Hj Mohamed Taib, former chairman of PetroleumBRUNEI as well as other former members of Board of Directors of Petroleum BRUNEI.

The highlight of the evening was the launching of the PetroleumBRUNEI web site by the guest of honour.

The web site contains information on the company's portfolio and corporate structures, its own corporate governance principles, its scheme of production sharing contracts, its interest and responsibilities towards the company's designated offshore and onshore blocks. The public, can access the web site at www.pb.com.bn. -- Courtesy of Borneo Bulletin