KOTA KINABALU: The Sabah government has signed a Letter of Understanding (LoU) with PETRONAS Carigali Sdn Bhd (PCSB) and E&P Malaysia Venture (EPMV) on the back-in option arrangement on the Block SB409 Production Sharing Contract (PSC).
With the signing of the LoU, the state government through its wholly-owned company SMJ Sdn Bhd (SMJSB), will be offered a back-in option of up to 20% participating interest, exercisable upon completion of work commitment or commercial discovery, whichever is earlier.
