Kuala Lumpur: Petroliam Nasional Bhd (Petronas) announced that it is awaiting further details from discussions between the federal government and the Sarawak state government regarding the scope of cooperation between the national oil company and Petroleum Sarawak Bhd (Petros). President and group chief executive officer Tengku Tan Sri Muhammad Taufik Tengku Aziz emphasized that these details will form the basis for future working arrangements between Petronas and Petros.
According to BERNAMA News Agency, Petronas is poised to proceed with materializing the working arrangements once the federal and Sarawak state governments agree on the details in principle. Tengku Muhammad Taufik conveyed this sentiment to reporters following the announcement of Petronas’s financial performance for the fiscal year ended December 31, 2024 (FY2024).
Prime Minister Datuk Seri Anwar Ibrahim has indicated that a meeting between the federal and Sarawak state governments is planned to detail the scope of cooperation between Petros and Petronas. This discussion aims to explore potential collaborations between the two companies, particularly concerning any new projects across various fields.
Tengku Muhammad Taufik reiterated Petronas’s openness to collaborate with Petros, especially concerning Sarawak’s hydrocarbon resources. He stressed the importance of carefully managing the process to ensure that both federal and state government interests are preserved. He also mentioned that existing contracts under the Distribution of Gas Ordinance will remain active.
He noted that Petronas has not acted irresponsibly nor denied any deals, but emphasized the need for a resolution to prevent investor and buyer uncertainty. He expressed optimism about the convergence of principles between the Prime Minister and Sarawak’s Chief Minister, highlighting ongoing positive communications.
Addressing inquiries about oil exploration in Sabah, Tengku Muhammad Taufik pointed out that Petronas sees future opportunities in the state. In its Malaysia Bid Round 2024, Petronas, through Malaysia Petroleum Management, signed two production-sharing contracts, SB306A and SB306B, off the coast of Sabah. These areas present technical challenges due to deeper waters and impurities, yet they hold promising prospective resources.