AS the standoff between Putrajaya and Sarawak drags on, articles and media coverage on the ongoing deal have significantly ramped up.
However, the coverage has been largely one-sided – stories portray Sarawak as prioritising self-interest over the nation’s economic stability and well-being.
Although not explicitly mentioned, the intention is clear. They are trying to bully Sarawak into submission, wanting Sarawak to concede. They are trying to relay to Sarawak: “Don’t fight, let it be.”
A good example is a recent article from a national English portal that has been widely circulated. It quotes an unnamed industry insider who stated that views from the Sarawak government introduced “uncertainties” in the deal.
The view from this particular insider is that the statement by Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg for Sarawak to request the right to explore for gas in areas off its coast and the continental shelf.
Similarly, an insider raised concerns about Sarawak’s stance that existing contracts of PETRONAS must conform to Sarawak’s regulatory framework. The article claimed that the national oil and gas company would witness a depletion in its resources, leading to a further decline in revenues and profits.
A similar article was featured on a prominent Malay platform with established ties to a political party within the ruling administration. It seems likely that they relied on the same source, as the narratives align closely.
The question that begs answering now is: what are they cooking up over there?
Mind you, this fearmongering campaign latches on the narrative that PETRONAS is considering a “rightsizing” exercise — corporate speak for restructuring.
Amid the lack of clarity, people turn to speculation, which suggests that the “rightsizing” is directly caused by reduced revenues stemming from Sarawak’s oil and gas demands.
This is what they want you to believe, and in doing so, they castigate Sarawak, denying its right to control these resources.
Multiple factors are in play, and attributing blame solely to Sarawak is a rash response that lacks careful consideration and a thorough understanding.
PETRONAS president and group chief executive officer Tan Sri Tengku Muhammad Taufik even went as far as to deny these claims.
Muhammad Taufik said the move was a “bitter pill to swallow” given the fast-evolving and challenging global operating environment, as reported by The Edge.
The financial news organisation in the same article wrote that PETRONAS wasn’t the only oil company trimming its staff, as similar job cuts were being done by other international oil giants such as Shell and ExxonMobil.
This is due to them being hit by rising volatility and the long-term decline of oil priced amid a global push for decarbonization and green energy.
In a separate article, Global Asia Consulting senior consultant and industry analyst Samirul Ariff Othman refuted claims that the restructuring by the national oil and gas company was due to a financial crisis.
In the New Straits Times report, he said the development was a global trend in the O&G industry due to the pressure of energy transition, and the shift to renewable energy and green investments, adding that it was a strategic move rather than reactive.
Therefore, there is no such thing as Sarawak killing the golden goose; on the contrary, it wants the national oil and gas company to collaborate with PETROS.
Abang Johari earlier this month said PETROS’ participation in the oil and gas sector was part of Sarawak’s efforts to move forward in participating in the entire economic ecosystem based on the principle of cooperation.
“We are not being stingy. What we have, we share. PETRONAS and PETROS must work together,” he stressed, emphasising the mutual interest in this collaboration.
What is crucial is that Sarawak laws must be respected. In my view, Sarawak is accommodating in its demands and shares similar concerns with Malaysians regarding the nation’s economic well-being.
Contrary to the sentiment propagated by certain quarters outside the state, Sarawak has the means to develop its oil and industry; it has the vision necessary to make it work.
This blame game must end. Sarawak’s demands are rooted in historical and legal basis. While Putrajaya has its views, the issue is best resolved through discussions and negotiations.
After all, the intention is to ensure that the nation continues progressing with a stronger, more resilient and developed Sarawak as its key economic contributor.
The views expressed here are those of the writer and do not necessarily represent the views of the Sarawak Tribune.
