Latest news with #SamarangProductionSharingContract
Daily Express
14-05-2025
- Business
- Daily Express
Latest SMJ Energy crude oil sale generates RM92 million
Published on: Thursday, May 15, 2025 Published on: Thu, May 15, 2025 Text Size: The company's Samarang Production Sharing Contract (PSC), an offshore asset located in Sabah waters, continues to be a reliable revenue source for the energy provider. Kota Kinabalu: SMJ Energy Sdn Bhd (SMJ Energy) completed its ninth crude oil lifting operation at the Labuan Crude Oil Terminal, generating approximately RM92 million in sales revenue. The latest sale brings SMJ Energy's total oil and gas revenue to roughly RM1.7 billion since operations began, with RM158 million generated in 2025 alone. The company's Samarang Production Sharing Contract (PSC), an offshore asset located in Sabah waters, continues to be a reliable revenue source for the energy provider. The Samarang field serves as the exclusive natural gas supplier to Kota Kinabalu Industrial Park and powers three gas plants in the Kota Kinabalu area. Additionally, the field supplies natural gas to Labuan, providing essential energy to the Labuan Methanol Plant and the SESB Power Plant on the island. SMJ Energy continues to explore further optimisation opportunities within the field to enhance output and maximize returns. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
14-05-2025
- Business
- Daily Express
Ninth crude oil lifting nets RM92 million for SMJ Energy
Published on: Wednesday, May 14, 2025 Published on: Wed, May 14, 2025 Text Size: KOTA KINABALU: SMJ Energy has completed its ninth crude oil lifting from the Samarang Production Sharing Contract (PSC) at the Labuan Crude Oil Terminal. The latest lifting is expected to generate RM92 million in sales revenue, marking another milestone in the company's upstream performance. Cumulative crude oil and gas sales now stand at RM1.7 billion, with RM158 million earned since early 2025, reinforcing Samarang's strategic role in SMJ's revenue stream. This reflects SMJ Energy's solid investment in the offshore Sabah-based PSC and its commitment to operational excellence and value creation. Samarang PSC remains a key supplier of gas to KKIP, three power plants here, the Labuan Methanol Plant 1, and SESB's Labuan facility. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
12-05-2025
- Business
- New Straits Times
Sabahans want local parties to lead state government, says Hajiji
KOTA KINABALU: The people of Sabah want local parties to lead the state government, said Chief Minister Datuk Seri Hajiji Noor. "That is why I want Gabungan Rakyat Sabah (GRS) to lead in the upcoming 17th Sabah election. I feel the pulse of the people. "Their aspiration is for the state government to be led by a local party. "We must not think otherwise. We must continue to support the current government, whose achievements are already evident," he said in his speech during the "Programme with the Chief Minister: Building Kunak's Future" at Padang Pekan Kunak here. At present, the eight-party GRS coalition holds 38 seats in the state assembly, followed by Parti Warisan with 14, Umno with 11, and Pakatan Harapan with seven. "We have implemented many initiatives across Sabah that will benefit the state's future, not just in terms of development, but also in boosting our overall economy. "I am proud that we have a strong team in the government and that the people have given us solid support. "We must learn from Sabah's political history. If we keep fighting, we will remain divided," he said. Hajiji said the state government's achievements under his leadership are unprecedented, citing the Commercial Cooperation Agreement (CCA) with Petronas as an example, which has brought many benefits to Sabah. Under the agreement, Sabah secured a 20 per cent stake in the Samarang Production Sharing Contract (PSC) and the Sabah Ammonia Urea (SAMUR) project in Sipitang. "There is much we have already gained, and several matters are still being negotiated with Petronas," he said. At the event, Hajiji also announced the handing over of land under the Sabah Housing and Town Development Authority (LPPB) to be gazetted as village reserve land for Kampung Kunak Jaya, Bagian, and Selamat. He also announced a RM1.2 million state allocation to build jetty facilities in Kampung Pangkalan.
Daily Express
22-04-2025
- Business
- Daily Express
SMJ Energy records 40pc rise in profit to RM362 million
Published on: Wednesday, April 23, 2025 Published on: Wed, Apr 23, 2025 Text Size: Masidi Manjun attributed the achievement to the dedication and professionalism of the company's team, in close collaboration with key stakeholders, including Petronas. - Pic: SMJ Energy. Kota Kinabalu: SMJ Energy Sdn Bhd (SMJ Energy) recorded a profit after tax of RM362 million based on its unaudited financial results for the year ended Dec 31, 2024, a nearly 40 per cent increase from RM259 million in 2023. The impressive performance underscores the company's resilience and strong fundamentals, achieved despite a volatile global energy landscape. The growth was driven by strategic asset optimisation, disciplined cost management and sustained revenue growth. Revenue for the year saw a significant year-on-year increase, bolstered by strong contributions from key assets such as the Samarang Production Sharing Contract (PSC), LNG Train 9 liquefaction plant, Petronas Chemical Fertiliser Sabah Sdn Bhd (PCFSSB), as well as Floating Production Storage and Offloading (FPSO) and Floating Storage Operations (FSO) under Sabah International Petroleum (SIP), which remains debt-free. Finance Minister Datuk Seri Masidi Manjun, who is also Chairman of SMJ Energy, attributed the achievement to the dedication and professionalism of the company's team, in close collaboration with key stakeholders, including Petronas. 'With a well-balanced portfolio across Upstream, LNG, Petchem and FPSO/FSO segments, SMJ Energy is well-positioned to maintain financial strength even in a low oil price environment,' he said. However, Masidi urged continued vigilance amid global economic uncertainties, including the ongoing tariff conflicts and fluctuating oil prices. 'The volatility in global oil markets highlights the importance of maintaining proactive risk management and prudent investment strategies,' he said. Beyond profitability, SMJ Energy is playing an active role in strengthening local participation in Sabah's oil and gas services and equipment (OGSE) sector. In 2024, the total value of contracts awarded to Sabahan companies rose to RM2 billion, a significant leap from RM613 million in 2021, without compromising on cost, safety, quality or project schedules. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Free Malaysia Today
22-04-2025
- Business
- Free Malaysia Today
SMJ Energy records RM362mil in profits, almost 40% jump from 2023
SMJ Energy Sdn Bhd said it was actively supporting the state's efforts to enhance local content in Sabah's oil and gas services and equipment sector without compromising on cost, safety, quality, or timelines. (SMJ Energy pic) PETALING JAYA : SMJ Energy Sdn Bhd has announced a profit before tax of RM362 million for its financial year ended Dec 31, 2024 – a nearly 40% increase compared with the RM259 million recorded the previous year. SMJ Energy said it demonstrated the firm's robust performance despite volatile global energy markets and that it was driven by strategic asset optimisation, disciplined cost management and healthy revenue growth. SMJ Energy chairman Masidi Manjun attributed the success to strong contributions from flagship assets including the Samarang Production Sharing Contract, LNG Train 9 liquefaction plant and Petronas Chemicals Fertiliser Sabah Sdn Bhd. Other contributors to this success include the floating production storage and offloading (FPSO) and floating storage operation (FSO) units from the debt-free Sabah International Petroleum. Masidi, who is also state finance minister, credited the achievement to the dedication of a professional team working in close collaboration with key stakeholders, including Petronas. However, he cautioned vigilance regarding the external environment, particularly the ongoing global tariff war and fluctuating oil prices. 'The volatility in global oil markets highlights the importance of maintaining our proactive risk management and prudent investment strategies,' he said in a statement. SMJ Energy said that in addition to building a profitable oil and gas business, it was also actively supporting the state's efforts to enhance local content in Sabah's oil and gas services and equipment sector without compromising on cost, safety, quality or timelines. 'The total value of jobs awarded to Sabahan companies reached RM2 billion last year compared with RM613 million in 2021,' Masidi added.
