Abdullah says Sarawak must enforce rights over O&G given its enormous untapped resources
Abdullah Saidol
KUCHING: Sarawak’s discovered gas reserve is estimated to supply gas for the next 15 to 17 years, based on an annual production rate of 5,000 million standard cubic feet (MMscf) per day.
Assistant Minister of Corporate Affairs Abdullah Saidol, who informed the august House this yesterday, said it is imperative for Sarawak, vis-à-vis Petroleum Sarawak Bhd (Petros) to enforce its rights and stewardship of its oil and gas resources.
According to him, the oil and gas industry uses the standard of reserves-to-production ratio (R:P ratio) to indicate rate of depletion.
“Petros’ roles and aspired business portfolio are underpinned by Sarawak’s desire to increase the revenue contribution of oil and gas to its total revenue and economy.
“Sarawak’s present revenue from oil and gas resources is RM3 billion to RM4 billion,” said Abdullah, adding that Sarawak has maintained its incremental aspiration of 20 per cent.
The Semop assemblyman also said to increase Sarawak’s participation and revenue from gas reserves, Petros has been given the mandate by the Sarawak government to be the main regulator and the active partner for Sarawak’s gas production-sharing contracts.
“Petros will strengthen (Sarawak’s) control over the natural gas sources through an integrated network strategy that will balance upstream supply with downstream consumption and the targeted revenue,” he said.
Sarawak is the largest gas exporter in Malaysia, contributing 52.89 trillion standard cubic feet (TSCF) to the nation’s total exports last year.