Sabah reaps RM1.5bil in cumulative revenue through state-owned SMJE

Sabah reaps RM1.5bil in cumulative revenue through state-owned SMJE

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KOTA KINABALU: Sabah has obtained RM1.5bil in revenue from crude oil and gas sales since 2023.

This is after state-owned SMJ Energy Sdn Bhd (SMJE) reached its seventh crude oil lifting under the Samarang Production Sharing Contract (PSC) in December 2024.

In a statement on Saturday (Dec 14), SMJE said this lifting involved approximately 300,000 barrels of crude oil valued at RM100mil.

“SMJE’s crude sales have served domestic and international markets, while its gas sales exclusively supply customers in the Kota Kinabalu Industrial Park (KKIP) and Labuan.

“Samarang PSC is the sole gas supplier to KKIP,” the company said.

The Samarang PSC has seven existing oil and gas-producing fields, namely Samarang, Samarang Kechil, Sumandak, Zuhal, Alab, Erb West and Kinarut, and two gas-receiving terminals in Kota Kinabalu and Labuan Island.

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