Kota Kinabalu: Sabah’s oil and gas players are increasing with Borneo Oil Berhad Group announcing that its indirect subsidiary Borneo Oil (Sabah) Sdn Bhd (BOS) has secured a licence from Petroliam Nasional Bhd (Petronas) as a Sabahan vendor.
The group said BOS is expanding its operational base to offer comprehensive oil and gas services through partnerships with experienced technical service providers in the oil and gas services and equipment sector.
In line with this, BOS has signed an agreement with Intercontinental Strait Energy Technology Co Ltd (SETC), to jointly bid for projects involving drilling, completion, stimulation, and geological consultancy, said Borneo Oil in an exchange filing on Monday.
SETC is the largest drilling management consultancy in China, said Borneo Oil, adding: “The company is dedicated to improving drilling efficiency, minimising time, and reducing costs through advanced optimisation techniques.”
Shares of Borneo Oil closed unchanged at one sen on March 23, valuing the company at RM64.99 million.
As of June 30, 2024, the total number of SugarBun and Pezzo outlets increased to 130, up from 127 outlets in 2023.
Datuk Joseph Lee Yok Min @ Ambrose was appointed as an Executive Director of Borneo Oil Berhad on March 27, 2019. He has been promoted to Managing Director of the Company with effect from April 1, 2022.
Borneo Oil Berhad’s sustainable business approach adopts a proactive approach towards the planet, people, society, and profit. It embraces the Economic, Environmental, Social and Governance (EESG) principles, which emphasise the importance of equity alongside environmental, social, and governance aspects.
This framework serves as the foundation for future-proofing the Group and to ensure long-term success.
The group has implemented proactive waste management initiatives aimed at reducing its environmental footprint and promoting resource conservation.
The waste management efforts align with United Nations Sustainable Development Goals No. 12 on Responsible Consumption and Production, which encourages efficient use of natural resources, waste reduction, and promoting recycling and reuse.