PETROLIAM Nasional Berhad (Petronas) has invested over RM17 billion in Sarawak’s upstream oil and gas sector as of the third quarter of 2024 through its production sharing contracts (PSCs).
Deputy Premier Datuk Amar Awang Tengah Ali Hasan said RM11 billion was allocated for capital expenditure on new projects, including the Jerun field, which began producing hydrocarbons in July, and the Kasawari field in August.
“These projects serve to meet the growing domestic gas demand and to sustain supply to the Malaysia LNG Complex in Bintulu.
“Furthermore, two PSC blocks, namely the DEWA Complex Cluster and Ketapu Cluster, were awarded in October this year,” he said during his ministerial winding-up speech today (Nov 20).
The International Trade and Investment Minister added that Petronas has also achieved a localisation rate of 90.6 per cent within its Sarawak workforce. This includes 77.8 per cent at senior management level, 64.2 per cent among managers, 83.8 per cent among executives and 98.6 per cent among non-executive staff.
He also highlighted that RM2.49 billion worth of contract works were awarded to 270 Sarawakian vendors, accounting for 32 per cent of total contract awards in Sarawak during the same period.
He added that an investment in Rosmari-Marjoram Onshore and Offshore Gas Plant worth RM9 billion by SHELL is progressing well, with construction activities on track for the first gas production by late 2026.
Meanwhile, Awang Tengah said Petroleum Sarawak Berhad (PETROS), as Malaysia’s third-largest oil and gas equity producer, is currently involved in 20 PSCs with international oil and gas majors.
Under the Sarawak Gas Roadmap (SGR), PETROS is investing in midstream gas infrastructure to serve key hubs in Miri, Samalaju, Bintulu and Kuching.
SGR aims to boost domestic gas utilisation from 6 per cent to 30 per cent, creating over 100,000 high-quality jobs for Sarawakians and increasing the state’s GDP by 10 to 15 per cent.
He said the roadmap is expected to attract RM150 to RM200 billion in foreign and domestic investments.
On carbon capture and storage (CCUS), Awang Tengah said Sarawak’s geology offers an estimated CO2 storage capacity of 3 trillion cubic meters, which will position Sarawak as a leader in carbon capture and storage development.
PETROS has invested RM1.96 billion, which will increase to RM4 billion in 2025 to fund these projects.
