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Thai oil giant pulls plug on Lang Lebah as Petronas-Petros feud looms large | Scoop
The Lang Lebah gas field, situated in block SK410B within the Central Luconia Province, lies approximately 90km off the coast of Sarawak, Malaysia. - PTT Exploration and Production pic, February 22, 2025
News

Thai oil giant pulls plug on Lang Lebah as Petronas-Petros feud looms large

Once dubbed Malaysia’s ‘project of the year’, Sarawak offshore project now faces an uncertain future amid budget blowouts and state-federal oil disputes with US$1 billion cost overrun

Scoop Reporters
Updated
12:01 PM MYT

 

KUALA LUMPUR – Thailand’s PTTEP has abruptly scrapped multiple engineering, procurement, and construction (EPC) tenders for the massive Lang Lebah gas project on the offshore of Sarawak, with the project’s final investment decision (FID) now delayed until at least 2026.

Lang Lebah, touted as the largest gas discovery in PTTEP’s history, contains an estimated 6 to 7 trillion cubic feet (Tcf) of gas. The project was seen as a key growth driver for PTTEP’s Malaysian portfolio, Upstream reported.

However, the planned development has now stalled due to commercial bids exceeding the budget by over US$1 billion, according to the outlet, which quoted industry sources.

PTTEP’s sudden cancellation of tenders has sent shockwaves through the industry.

“We were recently handed ‘abort notices’ for one of the packages. This is quite disappointing as millions of dollars are being spent on the bid process,” a source told Upstream.

Another industry insider described the decision as “a shock,” given that many

contractors expected to extend their bid validity rather than see outright cancellations.

A PTTEP official confirmed that the company is now re-engineering the project to optimise costs, delaying FID until 2026. The move has left bidders frustrated, with one noting that “many engineering man-hours were dedicated to preparing the bids.”

Petronas-Petros tussle: underlying factor?

While PTTEP cites cost concerns for the Lang Lebah delay, industry observers are increasingly pointing to the long-standing feud between national oil company Petronas and Sarawak’s state-owned Petros as a key factor affecting the project’s viability.

Previously, the executive director of Big Boom Media, which publishes Scoop, Datuk Ahirudin Attan, in his article, highlighted how the Petronas-Petros conflict is deterring foreign investors and jeopardising large-scale developments.

Ahirudin argued that the power struggle between Putrajaya and Petra Jaya – symbolised by the Petronas-Petros rivalry – is undermining Malaysia’s appeal as a reliable investment destination.

Ahirudin, also known as Rocky Bru, warned that without intervention from Prime Minister Datuk Seri Anwar Ibrahim, the fallout could be disastrous for Malaysia’s oil and gas industry.

The Lang Lebah project was expected to generate billions of dollars in revenue, thousands of high-skilled jobs, and spin-off opportunities for local oil and gas companies. Its suspension could have far-reaching economic consequences, particularly for Malaysian service providers that had been vying for key EPC contracts. – February 22, 2025

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