KUALA LUMPUR, March 17 — PETRONAS Carigali Sdn Bhd has signed a Farm Out Agreement with SMJ Energy Sdn Bhd, a Sabah state-owned company, to transfer a 20 per cent non-operating participating interest in the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract.
Marking a further step in strengthening collaboration between PETRONAS and the Sabah State Government. Following the completion of the transaction, PETRONAS Carigali’s interest will be revised to 30 per cent.
While SMJ Energy assumes 20 per cent, with SEA-Hibiscus Sdn Bhd remaining operator at 50 per cent; the agreement, witnessed by Sabah Chief Minister Datuk Seri Panglima Hajiji Haji Noor and PETRONAS President and Group CEO Tan Sri Tengku Muhammad Taufik.
Underscores a shared commitment to value creation, sustainable resource development and the advancement of local upstream capabilities in Sabah.
