Kota Kinabalu: SMJ Energy Sdn Bhd (SMJESB) steps into the new year with another deal for up to 20 per cent stake inthe Block SB403 Production Sharing Contract (PSC), here, today.
Inking the Letter of Understanding (LoU), SMJESB, a wholly Sabah Government owned company, is
offered by PETRONAS Carigali Sdn Bhd (PCSB) and E&P Malaysia Venture (EPMV), of up to 20 per cent
participating interest in Block SB403 PSC under the back-in option, which is exercisable upon
completion of work commitment or commercial discovery, whichever is earlier.
This is SMJESB’s second exploration dealing with PCSB and EPMV through the same option. The first
back-in option was signed on Feb 15 last year for Block SB409 PSC, situated offshore Sabah covering 14,
556 sq km of area, said a statement.
The event also marks the SMJESB's latest achievement following the signing of the Commercial
Collaboration Agreement (CCA) between the Sabah Government and PETRONAS on Dec 7, 2021, in line
with its objectives to increase revenue sharing, have greater participation and say in the production and
monetisation of oil and gas resources derive from the state.
