Kota Kinabalu: SMJ Energy Sdn Bhd (SMJESB) steps into the new year with another deal for up to 20 per cent stake inthe Block SB403 Production Sharing Contract (PSC), here, today.
Inking the Letter of Understanding (LoU), SMJESB, a wholly Sabah Government owned company, is offered by PETRONAS Carigali Sdn Bhd (PCSB) and E&P Malaysia Venture (EPMV), of up to 20 per centSPONSORED CONTENT RM20bil green steel project: Sabah on its way to adopting green technology, says Hajiji Kota Kinabalu: Chief Minister Datuk Seri Hajiji Noor said Sabah is well on its way to fully adopting the green technology revolution with a RM20 billion green steel project at the Sipitang Oil and Gas Industrial Park (Sogip). Read more participating interest in Block SB403 PSC under the back-in option, which is exercisable upon completion of work commitment or commercial discovery, whichever is earlier.
This is SMJESB’s second exploration dealing with PCSB and EPMV through the same option. The first back-in option was signed on Feb 15 last year for Block SB409 PSC, situated offshore Sabah covering 14, 556 sq km of area, said a statement.
The event also marks the SMJESB's latest achievement following the signing of the Commercial Collaboration Agreement (CCA) between the Sabah Government and PETRONAS on Dec 7, 2021, in line with its objectives to increase revenue sharing, have greater participation and say in the production and monetisation of oil and gas resources derive from the state.
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