Petros signs contract with Petronas to acquire 45 pct equity of Block SK407 offshore Miri

Abang Johari (centre) witnessing the exchange of agreement between Petros Group chief executive officer (CEO) Janin Girie (left) and Petronas executive vice president and CEO of Upstream Datuk Adif Zulkifli.

By Ling Hui and Karen Bong

KUCHING, Oct 20: Petroleum Sarawak Berhad (Petros) has signed a product sharing contract (PSC) with Petronas to acquire 45 per cent equity in Block SK407 located offshore Miri, which will be effective Jan 1, 2023.

Announcing this, Petros chairman Tan Sri Hamid Bugo said this is a pivotal step to increase Sarawak’s access to adequate hydrocarbon resources to enable and propel the realisation of the Miri Hub Development.

“At the same time, Petros has also executed a Head of Agreement with Petronas for the sales and purchase of a gas sourced from offshore Sarawak for a planned 400 megawatt power plant in Miri, an upcoming Petros operated venture together with Sarawak Energy Berhad as a partner and customer,” he said during Petros’ 5th anniversary celebration at Borneo Convention Centre Kuching (BCCK) here tonight.

Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg officiated at the event which was also attended by Deputies Premier Dato Sri Dr Sim Kui Hian and Datuk Amar Douglas Uggah Embas.

Additionally, Hamid pointed out that Petros is also in the midst of entering into a joint collaboration agreement with Petronas to explore the potential to develop commercially viable Carbon Capture, Utilisation and Storage (CCUS).

Hamid addressing Petros’ 5th anniversary celebration at BCCK.

Moving forward, he emphasised that Petros’ focus is to make oil and gas as the engine of growth for the economic and social development of Sarawak and to create more employment opportunities.

“However, there is also a school of thought that with the focus on climate change and energy transition, oil and gas may need to be phased out.

“That may be so, but considering the current geopolitical turmoil which is likely to last a lot longer than just a few years, this industry will remain important and significant. For us, this is a great opportunity,” he said.

With that, Hamid said Petros will execute and will exercise great caution by reviewing and revising its business plan regularly to ensure they will not lose sight of reality amidst the constantly changing economic and geopolitical environment.

“Petros has also gone further than just increasing revenue; bearing in mind the aspirations of the State government to develop talents in the State, we have planned our CSR (corporate social responsibility) also to include talent development.

“For example, as part of Petros commitment to develop local talent, we have introduced a graduate development programme since August this year. We now have 12 graduates from various academic disciplines and various backgrounds and ethnicities,” he said.

The programme, he explained, is designed for a three years phase with on the job training as well as formal training.

“I believe they will be the source of future talents from Sarawak,” he added. — DayakDaily