Petronas seeks declaration as exclusive owner over national petroleum resources

The Petronas press release.

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KUCHING, June 4: Petronas today filed an application before the Federal Court seeking a declaration on the Petroleum Development Act 1974 (PDA) being the law applicable for the petroleum industry in Malaysia.

The declaration would also determine Petronas to be the exclusive owner of petroleum resources as well as the regulator for the upstream industry throughout Malaysia, including in Sarawak.

Petronas in a statement issued today, said it believed that the determination by the Federation Court would help provide clarity on its rights and postion under the PDA.

“Petronas remains committed to support Sarawak’s aspiration to participate in the oil and gas industry in the state, for as long as it is within the framework of the PDA,” said Petronas. — DayakDaily