Resolution to establish sovereign oil and gas wealth fund for Sarawak put forward

Hamid reading out the seven resolutions reached by delegates Sarawak Oil and Gas Seminar and Exhibition (SOGSE) 2019 today (April 14, 2019).

By Lian Cheng

MIRI, April 14: Sarawak Oil and Gas Seminar and Exhibition (SOGSE) 2019 delegates have put forward the resolution of setting up a sovereign oil and gas wealth fund for the benefit of future generations of Sarawakians.

“To ensure sustainable, secure and affordable development of Sarawak’s oil and gas resources through a comprehensive Sarawak oil and gas masterplan, covering the total oil and gas value chain, including to consider the establishment of a sovereign oil and gas wealth fund for the benefits of future generations of Sarawakians.”

It is the first of the seven resolutions reached during SOGSE 2019 held in Miri, which was attended by 319 delegates with Chief Minister Datuk Patinggi Abang Johari Tun Openg closing the function.

Hamid Yusof, the deputy chairman of the SOGSE organising committee read out the resolutions today during the SOGSE 2019 closing ceremony at a hotel here today.

“To support the Sarawak government’s efforts to reaffirm its inalienable rights of ownership and control of Sarawak’s oil and gas resources via the Oil Mining Ordinance 1958, in accordance with the Malaysia Agreement 1963, the Sarawak Constitution and the Federal Constitution.

“To support the Sarawak government’s desire to engage with the federal government towards having a mutually agreeable formula while working towards the solutions of the legality issues so as not to disrupt the process and development of Sarawak’s oil and gas industry and businesses.

“To call for the Sarawak government to enhance the Sarawak minerals management authority (SMMA) to monitor, regulate and enforce Sarawak’s prevailing laws and formulate new laws and regulations in relation to all oil and gas operations in Sarawak with the aim of improving the prospectively of acquiring, investing, developing and producing Sarawak oil and gas assets,” said Hamid, reading out the resolutions.

The other three resolutions are:

– To call for the establishment of a Sarawak pertroleum consultative council comprising a broad spectrum of stakeholders particularly from the oil and gas industry in collaboration with the state in ensuing maximum value creation, effective management and meaningful returns from all oil and gas activities and matters affecting Sarawak;

– To call for the Sarawak government to expeditiously establish local content baseline and policy in terms of value of all oil and gas contracts given out in Sarawak to be allocated to genuine Sarawakian companies and to prioritise the employment of local human resources and the use of Sarawakian oil and gas services and equipment (OGSE) vendors.

– To promote innovation initiatives that underpin the future development of Sarawak’s oil and gas industry by establishing a Sarawak oil and gas innovation centre (SOGIC) in Miri as realised in SOGSE 2019. — DayakDaily