Petronas Milik Melayu Tapi Minyak Milik Sabah/Sarawak

Ibrahim Ali and Perkasa should remember that Petronas has no value without Sabah, Sarawak..

An estimated 60% of the oil and gas recovery in Malaysia comes from the Sabah and Sarawak fields. This rate is going to increase substantially as more new fields are discovered and become operational in Sabah and Sarawak territorial waters.

Meanwhile oil fields in Terengganu are increasingly mature and being considered as marginal fields. In this situation the value of Petronas shares will depend much more on the Sabah and Sarawak fields than the Terengganu fields.

Once the ownership of Sabah and Sarawak territorial waters are taken back by the respective states, then the only thing of value in Petronas would be the oil and gas fields off Kelantan and Terengganu.

This also means that at least 60% of Petronas’ value as a company will be automatically taken over by whichever entity that Sabah and Sarawak will use to maintain and develop its own petroleum and gas industries.

In such a scenario Petronas will only be left with fields off Kelantan and Terengganu. In this situation, Sabah and Sarawak’s petroleum and gas entities will have a higher value than Petronas itself.

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