KOTA KINABALU: Caretaker Chief Minister Datuk Seri Hajiji Noor (
pic) says Sabah is set to gain a larger share of oil and gas revenue following SMJ Energy’s acquisition of a 20 per cent non-operating participating interest in the North Sabah Enhanced Oil Recovery Production Sharing Contract.
He said the move strengthens Sabah’s long-term energy strategy and reflects the state’s commitment to securing its rightful share through collaboration with Petronas under the 2021 Commercial Collaboration Agreement.
With both the Samarang and North Sabah assets under its portfolio, SMJ Energy is now positioned to lift up to seven crude oil cargoes a year, boosting revenue and reinforcing Sabah’s presence in the upstream sector.
Hajiji said SMJ Energy will pursue further equity participation in offshore resources to ensure greater state involvement and more direct benefits from Sabah waters.
The North Sabah contract covers four oil fields off Kota Belud, with Petronas Carigali set to hold 30 per cent and Sea-Hibiscus Sdn Bhd continuing as operator with 50 per cent once the deal is completed.
