Petroleum Development Act 1974 will remain in force, says Azalina
KUALA LUMPUR (Aug 12): The Petroleum Development Act 1974 (Act 144) will continue to be in force in accordance with the existing legal provisions, said Minister in the Prime Minister's Department (Law and Institutional Reform), Datuk Seri Azalina Othman Said.
She said that Petronas is vested with ownership of petroleum, and the rights, powers, freedoms, and exclusive privileges to explore, exploit, obtain, and acquire petroleum, whether onshore or offshore Malaysia, as provided under Act 144.
Azalina said this in a written reply to an oral question uploaded on the Parliament website yesterday.
She was responding to a question from Hassan Abdul Karim (PH–Pasir Gudang), who asked for clarification on the extent to which the Federal Government will defend Act 144 as a foundation of the country's economic sovereignty in the oil and gas industry, in light of the claims by the Sarawak Government and Petroleum Sarawak Bhd (Petros) which challenge and dispute the position of Petronas under the Act.
Meanwhile, Azalina said that Petronas has signed two key agreements to strengthen cooperation with oil-producing states, namely a Commercial Collaboration Agreement with the Sabah state government and a Commercial Settlement Agreement with the Sarawak state government.
Both agreements outline the framework of commercial cooperation between Petronas and state-owned companies such as SMJ Energy and Sabah Energy Corporation in Sabah, and Petros in Sarawak, she added.
'The landscape of the oil and gas industry, as well as the policies of each state government, have resulted in different cooperation structures in terms of ownership, revenue, and profit distribution,' said Azalina.
She was answering a question from Isnaraissah Munirah Majlis (Warisan–Kota Belud), who asked about the differences in terms of ownership, revenue, and profit distribution between Petronas–SMJ Energy and Petronas–Petros, and the understandings or agreements between the respective parties.
Azalina said the key factors influencing the differences in cooperation structure include the level of equity participation by SMJ Energy and Petros in upstream and downstream sector projects, as well as the strategic cooperation structures formed between Petronas and the respective state entities.
She added that although Petronas' cooperation approach with Sabah and Sarawak is based on the principles of inclusiveness and shared values, the implementation and outcomes may vary depending on the oil and gas industry landscape. economy Petroleum Development Act 1974 Petronas sabah Sarawak
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