By DayakDaily Team
KUCHING, Oct 24: The sheer magnitude of Sarawak’s contribution to Malaysia’s petroleum sector is undeniable, with the State clocking in RM285.4 billion in revenue between 2018 and 2024, surpassing even Peninsular Malaysia.
Citing the recent disclosure in Parliament by Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said on Oct 23, Kota Sentosa assemblyman Wilfred Yap Sau Sin stressed that these figures underscore the central role Sarawak plays in the nation’s oil and gas (O&G) sector.
According to Azalina, Malaysia’s total petroleum revenue for the period 2018-2024 amounted to RM775.2 billion, with Sarawak contributing RM285.4 billion—higher than Peninsular Malaysia’s RM284.8 billion and Sabah’s RM205 billion.
“These figures, together with the published investment-to-revenue ratios, demonstrate that Sarawak is not only Malaysia’s leading petroleum-producing region but also a magnet for reinvestment and continued industrial confidence,” said Yap in a statement today.
He shared that Sarawak’s investment-to-revenue ratio is at 40 per cent, whereas Peninsular Malaysia and Sabah stand at 30 per cent and 27 per cent respectively, and added that this performance “reflects Sarawak’s strong governance and sound policies in managing its natural resources.”
“In light of these facts, PETRONAS (Petroliam Nasional Berhad) must give full effect to the Commercial Settlement Agreement (CSA) signed with the Sarawak government on Dec 7, 2020 by engaging constructively with PETROS (Petroleum Sarawak Berhad) in areas envisaged under that settlement,” he added.
To ensure accountability and public trust, Yap stressed that resource governance in the State must reflect the intent of CSA. This adherence is crucial as it aligns with Sarawak’s asserted rights under both the Malaysia Agreement 1963 (MA63) and the Oil Mining Ordinance 1958 (OMO).
He insisted that to maintain transparency in revenue reporting and enable fair reinvestment in socio-economic development, PETRONAS must continue to engage meaningfully with PETROS in planning and implementing operations where the CSA mandates collaboration.
Yap called for a cooperative federal-state relationship, urging that it should never be viewed as a zero-sum game. Instead, the partnership should be seen as a win–win partnership that simultaneously safeguards Sarawak’s constitutional rights while supporting Malaysia’s overall energy security and economic growth.
“When both levels of government work together in good faith, Sarawak can continue to contribute strongly to the nation’s prosperity while achieving fair and sustainable development for its own people,” Yap said. —DayakDaily
