The Sarawak state government is in talks with national oil company Petronas about a potential partnership involving the upcoming Petroleum Sarawak (Petros) oil exploration company.
A report in The Star on Sep 5 said that Sarawak’s state government would be going ahead with plans to start the company despite a low oil price environment.
Petronas has had active operations in Sarawak throughout its history, and gathers the bulk of its Malaysian revenue from gas fields there, The Star said.
It is not yet clear how the partnership will work, and how Petros will affect Petronas’ operations.
Petronas president and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin was quoted as saying that discussions on the partnership were still ongoing.
A report in Free Malaysia Today in August said that former state secretary Hamid Bugo had been appointed chairman of Petros. Hamid is chairman of Sapura Resources Bhd and has had experience working with Malaysia LNG Sdn Bhd in Bintulu, the report said.
Other board members include Mohammad Medan Abdullah, Sharbini Suhaili, Zuraimi Sabki and Heng Hock Cheng.
The company is still on the search for a CEO candidate, and is slated to be operational by Q1 in 2018.