By Ling Hui
KUCHING, Oct 19: Petroleum Sarawak Berhad (Petros), which turns five this year is already a billion-ringgit company with a Triple-A RAM rating and robust financial performance.
Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg revealed this during Petros’ 5th-anniversary dinner held at Borneo Convention Centre Kuching (BCCK) here tonight.
In 2021, he said, Petros had achieved a revenue of RM1.2 billion, which is a significant feat for a company that is not more than five-years-old.
In terms of its upstream resource base and production, he said Petros has also grown its equity in the hydrocarbon resource base with three offshore production and three offshore exploration production sharing contracts (PSC).
“I am also aware that Petros is pursuing several other opportunities as we speak. In the onshore exploration and production space, Petros remains as Regulator but also with participating interest through its subsidiary, Petroleum Sarawak Exploration and Production (PSEP) in the existing Block SK433 located in Miri-Baram area.
“I am excited that after 20 years of inactivity in onshore Sarawak, we will be drilling again, next year in Miri,” said Abang Johari.
For downstream oil and gas sector, he said Petros is now a major player in the domestic gas market, with PetrosNiaga Sdn Bhd now the number one liquefied petroleum gas (LPG) operator currently with 65 per cent market share in Sarawak.
“As a domestic gas aggregator under the Sarawak Domestic Gas Ordinance, Petros has been delivering gas to households and industries in Miri and Bintulu since 2020.
“Our downstream business is all about scale as margins are small. So, with a larger market share, we expect better and more reliable service for customers.
Petros, established in August 2017, is Sarawak’s first and only State-owned oil and gas exploration and production company. — DayakDaily
