Dateline 2018-03-08, The Malaysian Reserve:
The Sarawak government’s announcement that it is taking full regulatory control over its oil and gas (O&G) resources could change the dynamics of the sector which has been for more than four decades regulated under one law.
The Petroleum Development Act 1974 (PDA) gave the exclusive rights of exploring, exploiting, winning and obtaining petroleum, whether onshore or offshore in Malaysia, to state-owned oil company Petroliam Nasional Bhd (Petronas).
Resource-rich Sarawak announced it would assume full regulatory authority over the O&G industry upstream and downstream activities in the state by July this year.
The announcement was made by Sarawak Chief Minister Datuk Patinggi Abang Johari Tun Openg when he launched Petroleum Sarawak Bhd (Petros) in Kuching on Tuesday.
Abang Johari was reported as saying that anyone and companies involved in the O&G industry in the state must have the necessary licences, permits, leases and approvals required either under the state’s Oil Mining Ordinance, or the Gas Distribution Ordinance.