LONDON - Upland Resources Limited (LSE:LON:UPL), an oil and gas company, announced it has been shortlisted for a bidding round for offshore blocks in Brunei and is engaging in partnership discussions for onshore development in Southeast Asia.
The company, which holds a 45% stake in the joint venture Upland Big Oil, received notification on Friday that it has been shortlisted for the Brunei 2025 Offshore Blocks (shallow water) bidding round by the Petroleum Authority of Brunei (PAB). This development follows Upland’s expression of interest in a production sharing contract for Block L in onshore Brunei, with formal acknowledgment received on Thursday.
While the timeline for the Brunei authorities’ review process remains unclear, and there is no guarantee of success, Upland has expressed optimism regarding its recent engagements with local authorities.
In addition to these developments, Upland’s leadership team is scheduled to attend a technical and commercial workshop in Kuala Lumpur next week with a prospective partner for onshore development in the region. Following this, further discussions are planned in Brunei with a key stakeholder.
Upland’s existing partnerships with Vanguard Drilling Energy Services, NRG Well Management, and Huisman Drilling continue as the company works on strengthening its presence in Southeast Asia.
Bolhassan Di, Chairman and CEO of Upland, stated that the company is greatly encouraged by the recent developments in Malaysia and Brunei, acknowledging the considerable effort made by the team over the years.
The information in this article is based on a press release statement from Upland Resources Limited.
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