Petronas plans to invest RM50-60 billion annually in upstream investments to sustain production at two million barrels of oil equivalent daily in Sabah, Malaysia.
KOTA KINABALU: Sabah will remain central to Malaysia's long-term energy security , with Petronas planning RM50-60 billion in annual upstream investments to sustain production at two million barrels of oil equivalent daily.
Petronas' MPM Senior Vice President Datuk Ir Bacho Pilong said the investments are crucial for stable energy supply and economic growth, amid rising global demand and ongoing geopolitical and supply chain challenges. He highlighted the 2021 Commercial Collaboration Agreement with the Sabah Government as a key driver of stronger cooperation across upstream, gas, LNG and downstream sectors. Recent developments, including the Permata Cluster PSC and Mutiara Cluster agreement, reflect continued expansion of Sabah's oil and gas ecosystem.
Petronas is also allocating about RM500 million annually until 2030 to develop frontier basins, with Sabah holding most of the potential. Bacho added that regional collaboration, including with Thailand, Vietnam and Brunei, will be key to unlocking further resources and strengthening Sabah's position as a regional energy hub. This move is expected to further boost the state's economy and attract more investments in the energy sector.
With the growing demand for energy and the increasing importance of regional collaboration, Sabah is poised to play a significant role in Malaysia's energy security. The investments and agreements will also provide opportunities for local communities to participate in the energy sector and benefit from the economic growth. The expansion of the energy sector in Sabah will also create jobs and stimulate economic activity, contributing to the state's overall development.
The regional collaboration and investments will also help to reduce Malaysia's reliance on imported energy and promote energy self-sufficiency. The move is expected to have a positive impact on the state's economy and contribute to the country's long-term energy security
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