Sabah's SMJ Energy signs second exploration deal with PETRONAS Carigali and EPMV

KOTA KINABALU: State-owned SMJ Energy (SMJESB) has signed a second deal to take a stake of up to 20% in an offshore oil exploration area in northern Sabah.

In a statement on Tuesday (Jan 23), the company said a letter of understanding was signed for the production sharing contract with PETRONAS Carigali (PCSB) and E&P Malaysia Venture (EPMV), which offers the state oil and gas company up to 20% participating interest in Block SB403 PSC under a back-in option that is exercisable upon completion of work commitment or commercial discovery, whichever is earlier.