‘Sarawak, Sabah gas masterplan crucial for natural gas sector’
The Sarawak Gas Roadmap and Sabah Gas Masterplan are crucial in elevating and streamlining the natural gas management in the region, analysts at MIDF Amanah Investment Bank Bhd (MIDF Research) observed.
It pointed out that Malaysia has huge potential to own more natural gas in its exploration fields as there are still large amount of untapped natural gas reserves.
In particular, it said that with Sarawak and Sabah having large offshore gas fields, the strategies placed forth under the Sabah Gas Masterplan and the Sarawak Gas Roadmap are crucial in elevating and streamlining the natural gas management in the region.
Of note, Petronas recently discovered six gas fields in offshore Sabah and Sarawak.
“With Sabah and Sarawak’s all-inclusive guide in optimising the value and utilisation of gas resources, natural gas can continue to be promoted as a cleaner alternative fuel to reduce carbon emissions, in tandem with Malaysia’s goal to reduce carbon emissions by 2030.
“Additionally, the established petroleum and petrochemical hub in Pengerang Integrated Complex is expected to leverage on the increased exploration and trading of natural gas,” MIDF Research said.
It noted that Sabah is focused on the monetisation of gas resources to enhance investment in petrochemical derivatives and to support gas demand growth from industrial and commercial sectors.
Meanwhile, Sarawak is looking into enhancing the growth of its petrochemical industry and exploring new gas fields in collaboration with Petronas and Petros.
It also highlighted that Malaysia is one of the largest oil and gas producers in the AsiaPacific region with an average daily production of over 2,000 barrels of equivalent (boe), of which two third is natural gas.
Nearly 70 per cent of its estimated proven reserves are natural gas, amounting to approximately 10.5 billion boe.