Sabah to acquire 30pc stake in two new oil and gas fields, says Hajiji

Kota Kinabalu, Aug 10 — Sabah Chief Minister Datuk Seri Hajiji Noor announced that the state government will acquire a 30 percent stake in two new oil and gas fields located on the east coast of Sabah. He also confirmed that the government is in the process of finalizing its acquisition of a 40 percent equity position in the floating liquefied natural gas facility project in the state.

The partnership agreement is expected to be signed soon. In addition to the oil and gas investments, Hajiji outlined plans to develop new industrial parks, including one in Kota Belud and a blue economy hub in Kudat, in order to attract more investment and stimulate economic activities within the state.

Hajiji, who serves as the Gabungan Rakyat Sabah chairman, emphasized that these initiatives are part of the state government's strategy to enhance Sabah's involvement in the oil and gas industry through a strategic collaboration with Petronas under the Commercial Collaborative Agreement. This collaboration has bolstered the state government's equity holding in the exploration and development of Sabah's oil and gas resources, making it more accessible for local companies to participate in the industry's growth.

Moreover, Hajiji highlighted the government's ongoing commitment to strengthening financial performance and increasing state revenue collection, which serves as a vital foundation for driving Sabah's development. Since 2022, the state government has managed to maintain annual revenue collection at RM7 billion, and Hajiji anticipates that this figure will rise to RM8 billion in the current year.

He also reported that in 2025 alone, RM7.6 billion worth of investment value was recorded in the manufacturing sector, representing an almost 208 percent increase compared to 2024. Hajiji attributed this success to the state's economic resilience in overcoming various domestic and global challenges, solidifying Sabah's position as a strategic investment destination.