Sabah to acquire 30pct stake in 2 new oil and gas fields, says Hajiji

Chief Minister Datuk Seri Hajiji Noor announced that Sabah will take a 30 per cent stake in two new oil and gas fields located off the state's eastern coast. He also revealed that the state government is in the process of acquiring a 40 per cent equity share in a floating liquefied natural gas (LNG) facility project. The partnership agreement for this venture is expected to be signed soon.

In addition to the oil and gas investments, Hajiji revealed plans to develop new industrial parks, including one in Kota Belud, and a blue economy hub in Kudat. These initiatives aim to boost investment in the state and stimulate domestic economic activity. The development aligns with Sabah's strategy to strengthen its participation in the oil and gas sector through a strategic collaboration with Petronas under the Commercial Collaborative Agreement.

This increased equity holding in the exploration and development of Sabah's oil and gas industry also creates opportunities for local companies to participate in the sector. The state government has been focusing on enhancing its financial performance and increasing revenue collection, which has remained steady at around RM7 billion since 2022, with an expected rise to RM8 billion in 2025.

In 2025 alone, investment value in the manufacturing sector reached RM7.6 billion, marking nearly 208 per cent growth compared to 2024. This achievement is attributed to Sabah's economic resilience in overcoming various domestic and global challenges, further positioning the state as a strategic investment destination.