PREMIER Datuk Patinggi Tan Sri Abang Johari Tun Openg envisions a future with Sarawak Oil & Gas, Services and Equipment (OGSE) companies listed on the stock exchange, with substantial valuations comparable to international OGSE players.
Abang Johari earlier said that Sarawak’s oil and gas sector, bolstered by Carbon Capture, Utilisation and Storage (CCUS), is projected to surpass RM60 billion in GDP contribution by 2030.
“I am elated that Sarawak’s oil and gas sector has yielded significant achievements in recent years. Last year, we secured RM10 billion from Petronas comprising sales tax, dividends and royalty.
“Sarawak has also kick-started a promising CCUS industry. We will have three landmark Carbon Capture and Storage (CCS) projects signed this year, namely the Kasawari-M1 project, the Lang Lebah-Golok project, and the storage of industrial CO2 emissions M3 project,” he said.
Abang Johari who is Minister for Natural Resources and Urban Development said this during his Ministerial winding-up speech at the Sarawak State Legislative Assembly (DUN) sitting on Wednesday (May 15).
He said the Sarawak government has developed the necessary legal and regulatory framework for the CCS sector to safeguard the rights and environmental safety of Sarawak.
“All companies wanting to develop and operate CCS in Sarawak must comply with our legal and regulatory framework, including the requirement for Environmental Impact Assessments (EIA).
“According to the CCUS Market Global Opportunity Analysis and Industry Forecast 2023-2032, the global CCS market presents a compelling opportunity, with a projected Compound Annual Growth Rate of 13.3 per cent.
“Sarawakian companies are uniquely positioned to capitalise on this nascent market as the region’s early movers and I urge them to develop their expertise in this field, establishing themselves as leaders in upcoming regional CCS projects,” said Abang Johari.
He said with the state Oil & Gas and CCUS industry activities accelerating, Sarawak OGSE players play an important role in the success and attainment of the ambition.
“Malaysia’s OGSE sector is projected to reach RM40 billion to RM50 billion by 2030. By leveraging Sarawak’s growing oil and gas activity, local OGSE companies can partner and learn from industry leaders, propelling them to regional prominence and, ultimately, global success,” he added.
