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Petronas discovers new oil and gas fields in Sarawak’s territorial waters  | Scoop
Although Petronas owns the recently-discovered oil fields in Sarawak, the state government, through Petroleum Sarawak Bhd, retains substantial interest in these developments. – Unsplash pic, August 23, 2023
News

Petronas discovers new oil and gas fields in Sarawak’s territorial waters 

Petronas and Sarawak's premier will have talks on the distribution of equity and income related to the vital resource

Borneo Post Online
Updated
9:00 PM MYT

 

KUCHING – Sarawak Premier Tan Sri Abang Johari Tun Openg will soon have discussions with Petronas on its latest discovery of oil and gas fields in Sarawak, according to Datuk Seri Dr Sim Kui Hian.

The Sarawak deputy premier said the talks between Abang Johari and Petronas will be on issues pertaining to business collaboration and the distribution of equity and income.

“According to our premier, Petronas has discovered about eight new oil and gas fields within the territorial waters of Sarawak. We firmly believe the oil and gas resources within 200 nautical miles of Sarawak belong to the state.

“This is clearly stipulated under the Oil Mining Ordinance 1958 passed by the British colonial government. Moreover, these oil fields and other natural resources were discovered in the territory of Sarawak, so they belong to Sarawak,” he added.

According to Dr Sim, Petronas’ total revenue last year was US$88.3 billion (RM410.8 billion), and managed a profit of US$22.5 billion after paying taxes to Sarawak.

He pointed out that most of Petronas’ revenue came from Sarawak’s oil and gas businesses.

In terms of revenue by state, Dr Sim said other states in Malaysia recorded relatively lower revenue compared to Sarawak.

For instance, Sabah’s revenue was about RM6 billion while Selangor’s was RM4 billion.

“Notably, Sarawak’s revenue has reached RM12 billion a year, which also paves way for the state to march towards being the largest economy in the country,” he said. – August 20, 2023

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