Abg Johari: Petros is third largest O&G company in M’sia - MIDA | Malaysian Investment Development Authority
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Abg Johari: Petros is third largest O&G company in M’sia

Abg Johari: Petros is third largest O&G company in M’sia

01 Dec 2022

Petroleum Sarawak Berhad (Petros) has grown to be the third largest oil and gas company in Malaysia after Petronas and Shell since its inauguration in 2017, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

He told the august House in his winding-up speech at the State Legislative Assembly (DUN) sitting today that Petros has three offshore producing production sharing contracts (PSCs) and four offshore exploration PSCs.

For onshore exploration and production, he said Petros has 100 per cent rights as accorded by the Oil Mining Ordinance (OMO) 1958.

“The Petros Sarawak Gas Roadmap is indeed a game changer and will change the socio-economic landscape of Sarawak by 2030 via the creation of four gas hubs – Miri, Bintulu, Samalaju and Kuching.

“Through these hubs, it will serve the whole Sarawak similar to the ‘Hub & Spoke’ model – delivering a state-wide access to sufficient and affordable gas supply and clean energy,” he said.

Abang Johari said in the immediate term, Petros will deliver two projects as part of the Sarawak Gas Roadmap.

He named the projects as the Miri Hub – 400MW Power Plant to ensure northern Sarawak Energy Security; and the Samalaju Hub – where Petros will lay gas pipelines and together with Sarawak Energy Berhad (SEB) to build a power plant.

“This is critical to complete Samalaju as a heavy industry zone and to ensure reliability of electricity supply to the heavy industries there,” he said.

According to him, these projects alone will require an investment of around RM6 billion.

He said over 10 years across the four hubs, the total projected investment was RM65 billion inclusive of downstream value-added industries, enabling access to gas beyond Miri and Bintulu to all parts of Sarawak.

“Petros and relevant state agencies are busy promoting such opportunities to downstream investors,” he added.

In light of the fast-changing world megatrend, Abang Johari said Sarawak has taken a bold step by embarking on digital economy as the key enabler to accelerate efficiency and productivity.

He believed that this will allow the state to diversify its economic activities and explore new economy.

“Innovation and technology will play an increasingly significant role to drive a sustainable economic growth towards a prosperous and progressive Sarawak,” he said.

He acknowledged that there were challenges in balancing between socio-economic development and environmental sustainability.

“Our lives and livelihoods are affected by climate change. For example, we have seen how the extreme weather events this year, such as large-scale floods and prolonged droughts in some countries have caused devastating damage to their economies and also all over the world,” he said.

Given this, Abang Johari said the GPS government gives due emphasis to developing a green economy.

“We started early with our development on renewable energy such as hydropower, of which we will ensure we maintain our energy generation mix of 60 per cent from renewable energy,” he added.

Source: The Borneo Post