SABAH-owned SMJ Energy Sdn Bhd has earned over RM100 million from the sale of its sixth crude oil cargo from the Labuan Crude Oil Terminal.
The cargo, consisting of approximately 300,000 barrels, represents SMJ Energy’s 50% participating interest in the Samarang Production Sharing Contract (PSC), which it acquired in May 2023, the company said in a statement today.
To date, SMJ Energy has generated over RM800 million in cumulative sales revenue for the state.
These transactions are expected to provide sustained revenue for Sabah over the next 12 years.
SMJ Energy purchased its 50% stake in the Samarang PSC from Petronas Carigali Sdn Bhd in May last year.
The first crude oil cargo under this arrangement was sold to an international buyer in June 2023.
Sabah’s increased involvement in the oil and gas sector was made possible through the signing of the Commercial Collaboration Agreement (CCA) with Petronas on September 7, 2021. — October 14, 2024
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