By Arianna Arissa
SARAWAK’s very own petroleum company, Petroleum Sarawak Berhad (PETROS) generated revenues of RM1.2 billion in 2021 – a significant feat by a company that is barely five years old.
This makes PETROS among the ranks of the billion-ringgit companies with a robust financial performance and a Triple-A RAM Rating.
Describing the achievement as a great success, Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said PETROS is on a journey of rapid growth which they have funded with their own prudent equity and securing their own financing.
“When I took over the leadership of the state government in 2017, PETROS was the first entity I established to fulfill Sarawakians’ aspirations of enjoying the state’s bountiful natural resources.
“PETROS is the flagship of Sarawak’s meaningful participation in the orderly exploitation of the oil and gas resources that the state is endowed with while at the same time safeguarding the interests of Sarawak and its resources,” he said.
Abang Johari noted that Sarawak needs to exploit the potential of its resources in an aggressive but responsible manner as the state needs to expand its economy and shake off the tag of a ‘rich but poor state’.
Under the Sarawak Gas Roadmap which has been dubbed as a game changer, PETROS is targeting to create four gas hubs namely in Miri, Bintulu, Samalaju and Kuching.
These projects will require an investment of around RM6 billion with the total projected investment of RM65 billion inclusive of downstream value-added industries over the next 10 years.
“With these hubs, we will serve the whole state through the ‘Hub and Spoke’ model – delivering state–wide access to sufficient gas and clean energy. This will spur economic activities in Sarawak to realise its Vision 2030,” Abang Johari said.
Meanwhile, PETROS chairman of the board of directors Tan Sri Datuk Amar Hamid Bugo disclosed that they have signed a Joint Collaboration Agreement with Petroliam Nasional Berhad (PETRONAS) to explore and develop commercially viable Carbon Capture Utilisation and Storage (CCUS) opportunity in Sarawak.
Given its technical skills, PETROS has been appointed to be the resource manager for CCUS with the support of the relevant ministries.
“From where we began five years ago, PETROS has evolved into an integrated player throughout the oil and natural gas value chain.
“We are transforming and moving energy to industries, businesses and homes throughout Sarawak while securing greater value-driven downstream use, multiplying energy centres, and stepping into the energy transition,” said Hamid Bugo.
Through the Commercial Settlement Agreement (CSA) of Dec 2020 between PETRONAS and the state government, PETROS is working with various stakeholders to develop an integrated plan to build Sarawak’s human resource capabilities in the oil and gas industry.
