Petronas has transferred the sole ownership of Kababangan Cluster PSC or KBBC PSC to ConocoPhillips Sabah Gas Ltd., a ConocoPhillips Global subsidiary.
Previously, the KBBC PSC was operated by Kebabangan Petroleum Operating Company Sdn Bhd,comprising some of the biggest oil companies in the world, such as Petronas Carigali Sdn Bhd, Shell Energy Asia Limited, and ConocoPhillips Sabah Gas Ltd. The transfer, through Malaysia Petroleum Management, took place on 21 January, making ConocoPhillips Sabah the sole operator of the oil and gas field located 130 to 150 km offshore Sabah.
After the news of the transfer broke, Petronas issued a statement stating, “With an export capacity of up to 750 million standard cubic feet of gas per day, the continuation of the KBBC PSC until the end of 2050 and other commercial agreements have been structured to ensure future gas field developments remain economically attractive in supporting Sabah’s energy security requirements.”
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Sabah Chief Minister Datuk Seji Hajiji Noor also shared his views and said that the state has been emerging as a preferred location for oil and gas investment, thanks to the development done by Petronas and its partners.
He said, “These initiatives underscore the vast potential of Sabah’s resources and reinforce our commitment to driving economic growth and creating opportunities for our people. We look forward to further collaboration with Petronas in the best interest of Sabah.”
