Sabah Acquires Stake in New Oil and Gas Fields through Petronas Partnership

Sabah's Chief Minister Datuk Seri Hajiji Noor announced that the state government will acquire a 30% stake in two new oil and gas fields off the east coast of Sabah. The agreement, part of the Commercial Collaborative Agreement with Petronas, aims to strengthen the state's participation in the oil and gas industry.

The collaboration has increased the state government's equity holding in the exploration and development of Sabah's oil and gas industry. Local companies will also have opportunities to participate in the sector through this partnership.

Hajiji said the state government is finalizing the acquisition of a 40% equity stake in a floating liquefied natural gas (LNG) facility project in Sabah.

The agreement is expected to boost investment in the state and increase domestic economic activity. The state government aims to develop new industrial parks, including one in Kota Belud, and a blue economy hub in Kudat.