KUCHING: Petroleum Sarawak Exploration and Production Sdn Bhd (Petros EP) is in a good position to enter into several more offshore Sarawak exploration blocks by end-2021, said Chief Minister Datuk Patinggi Abang Johari Tun Openg.
However, he did not specify where these exploration blocks are located.
Johari said Petros was currently finalising its inaugural petroleum contract and joint operating agreement for Block SK433 with Petra Energy Development Sdn Bhd and joint-venture partner Uzma Energy Venture SK422 Sdn Bhd as the block operator.
Block SK433 covers the Miri-Marudi area in northern Sarawak.
The recent award of the Block SK433 was based on a competitive bidding exercise managed by Petros since January 2021.
Johari said Petros EP will be an equity partner in the petroleum contract, contributing specialist expertise towards the success of the joint venture.
“Effective Jan 1, 2021, Petros EP has also entered into two offshore Sarawak production sharing contracts (PSCs) as a non-operating equity partner, placing Petros EP in third place behind Petronas Carigali and Shell in terms of working interest share of current gas production in Sarawak,” he added during a celebration in conjunction with Sarawak Day on July 22 here.
With regard to the downstream space based on the Gas Distribution Ordinance 2016, Johari said state-owned Petros was working closely with other state entities to increase the domestic gas utilisation through the implementation of various initiatives under the Sarawak Gas Roadmap umbrella.
The move, he added, was to capture greater value locally from upstream gas production and to contribute to socio-economic growth through job creation for Sarawakians.
Since Jan 1, 2020, Petros has been the single entity for the supply, sale and distribution of domestic gas to industrial and residential customers, with ownership and operationalship of the Bintulu and Miri gas distribution systems.
Under the Sarawak Gas Distribution Ordinance 2016, the state Utilities Ministry manages full licensing rights over the liquified petroleum gas (LPG) market in Sarawak, effective June 1, 2020.
“Petros LPG is expected to enter Sarawakian homes and businesses in the coming weeks, starting from our capital city of Kuching and gradually expanding across the state,” said Johari.
Meanwhile, the chief minister said Sarawak aimed to double the size of its economy to RM282bil in 2030 from RM136bil in 2019.
“To achieve this target, Sarawak’s economy needs to grow on average at 8% per annum until 2030.
“We are now undertaking massive infrastructure development to facilitate economic and investment activities. To do this, we are using creative financial modelling through revenue reengineering and alternative funding methods to ensure healthy fiscal position,” Johari said in his forward to the “Sarawak Post Covid-19 Development Strategy 2030” report that was published and unveiled by the State Economic Planning Unit.
Johari, who is also the Sarawak Economic Action Council chairman, said by 2030, “We envisage that Sarawak will be a thriving society driven by data and innovation where everyone enjoys economic prosperity, social inclusivity and sustainable environment.”