“The formation of Petroleum Sarawak Berhad (Petros) and the exercising of the constitutional rights under Item 2(c) of the State List and 8(j) of the Federal List as provided in the Ninth Schedule of the Federal Constitution is the outcome of the discussion on devolution of power between the state and federal government.

Thanking PM, Abang Jo said persons and companies involved in the oil and gas industry in the state must henceforth have the necessary licences, permits, leases and approvals required under either the state’s Oil Mining Ordinance or the Gas Distribution Ordinance.

Petros was spearhead by the CM and he pointed out that the state will delegate the oil and gas regulatory and supervisory authority to Petros for it to play its role effectively, he added.

Petros must build on its strategic presence in Sarawak in order to grow and to deliver sustainable economic benefits via its business model, while at the same time safeguarding the interests of our state and its resources and required to seek guidance from the state government for broad policy direction in the execution of its strategic roles and responsibilities.