Friday, 24 Jan 2025
11:39 AM MYT
KUALA LUMPUR: Petronas has transferred the operatorship of the Kebabangan Cluster Production Sharing Contract (KBBC PSC) to ConocoPhillips Sabah Gas Ltd., a subsidiary of the global energy company ConocoPhillips.
The transfer, through Malaysia Petroleum Management, took effect on Jan 21, making ConocoPhillips Sabah Gas the sole operator of the oil and gas field cluster.
Previously, the KBBC PSC was operated by Kebabangan Petroleum Operating Company Sdn Bhd (KPOC), a joint operating company comprising Petronas Carigali Sdn Bhd, Shell Energy Asia Ltd, and ConocoPhillips Sabah Gas Ltd.
"With an export capacity of up to 750 million standard cubic feet of gas per day, the continuation of the KBBC PSC until the end of 2050 and other commercial agreements have been structured to ensure future gas field developments remain economically attractive in supporting Sabah's energy security requirements,” Petronas said in a statement.
Sabah Chief Minister Datuk Seri Hajiji Noor said the state is rapidly emerging as a preferred destination for oil and gas investments, thanks to the strategic developments and partnerships that Petronas and its industry collaborators championed.
"These initiatives underscore the vast potential of Sabah’s resources and reinforce our commitment to driving economic growth and creating opportunities for our people. We look forward to further collaboration with Petronas in the best interest of Sabah,” he said.
Meanwhile, Petronas said it remains steadfast in its commitment to ensuring an optimal and sustainable supply of oil and gas for energy security, with Malaysia Petroleum Management playing a key role in managing petroleum arrangements and providing stewardship for upstream petroleum activities in Malaysia. - Bernama