SMJ Energy secures RM 94 million in revenue from crude oil sale
This latest transaction further solidifies the company's commitment to generating long-term, sustainable value from its operations.
Since acquiring a 50% participating interest in the Samarang PSC on May 31, 2023, SMJ Energy's robust performance in the market continues to yield impressive results.
Cumulatively, the company has generated an estimated RM1.9 billion in revenue to date, or RM397 million since early 2025 through strategic sales of its crude oil and gas from Samarang PSC.
Samarang PSC, located offshore Sabah, is expected to provide continuous and significant revenue streams to SMJ Energy.
Samarang PSC also produces and supply gas to Kota Kinabalu Industrial Park (KKIP) and three gas power plants in and around Kota Kinabalu, Sabah.
The sale of crude oil from the Samarang PSC reinforces SMJ Energy's position as a key player in Sabah's energy sector.
The company's operations support the Sabah State Government's goals of driving economic growth, strengthening local content development, and advancing a sustainable energy future.
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The Star
20 hours ago
- The Star
This robot uses Japanese tradition and AI for sashimi that lasts longer and is more humane
A Los Angeles-area startup is using artificial intelligence and robotics in an unlikely way: making sashimi and other fish dishes taste better, last longer and more humane. El Segundo, California-based Shinkei Systems wants to bring a traditional Japanese method of handling fish to fine dining in America, using technology to replace the labour-intensive process historically handled by practitioners on board ships. Investors have just bet millions that it will succeed. The company's AI-driven robot – called Poseidon – has been designed to do a traditional form of fish handling called ikejime in Japanese. It is a method of killing fish that enthusiasts say enhances flavour, texture and shelf life. Although fish processed in this way is found in some of the best restaurants in Japan, it hasn't been promoted in the US because it is generally too expensive. Automating the process will make it more readily available to Americans, said Saif Khawaja, the company's chief executive. "My end goal is that you're walking into your local grocery store and can buy fish that lasts three times as long, tastes better and is handled humanely," he said. The company raised US$22mil (RM 94.10mil) in a funding round last month, co-led by Founders Fund and Interlagos, bringing total funding to US$30mil (RM 128.32mil) since its inception. It has four Poseidons working on ships in the Pacific and Atlantic and hopes to have 10 more working in the coming year. The ikejime process involves taking live fish that has just been caught and quickly putting them out of their misery by killing them with a spike through the brain and cutting their gills. This stops the stress hormone and lactic acid buildup that can hurt flavor and texture when fish are left to asphyxiate. Although traditional practitioners sometimes add a step in which the spinal cord is destroyed, Poseidon just does the first steps of the ikejime technique. The method has remained largely artisanal even in Japan, where only some fishermen will make the effort to process batches of fish in this way to sell to specific sushi chefs who are obsessed with having the highest-quality ingredients. Even in Japan, the method "is still too labour-intensive to replicate at a high speed without damaging the fish," Khawaja said, adding that, "It's impractical and unsustainable for fishermen to adopt methods that require significant hands-on work," in the US. Shinkei says it also has a higher calling than just better-tasting fish. Khawaja said one of the motivations for developing the technology was to try to find a kinder, gentler way to kill fish than letting them die gasping for air. During childhood fishing trips with his father in the Red Sea, he remembers it being "very hard to watch" fish suffocating after they were caught. Poseidon is roughly refrigerator-sized and sits on fishing boat decks. — Courtesy Shinkei Systems/TNS While he was in graduate school at the University of Pennsylvania, Khawaja was moved by an essay that argued that fish suffer inhumane deaths because they cannot vocalise pain. He even once considered developing sensors to make fish's pain audible. Shinkei provides Poseidon machines to fishermen, who then sell fish processed through the machines back to Shinkei at a premium. Shinkei in turn sells the fish to restaurants and other retailers under its fish company Seremoni. Poseidon is roughly refrigerator-sized and sits on fishing boat decks. It processes fish within seconds of being caught. The fish is fed through an opening in the machine and into a small vinyl cavity. The machine then uses AI to identify what kind of fish it is and where exactly its brain and gills are. Fish emerge with a hole in the head and incisions near the gills before being placed in an ice slurry for blood drainage. Quickly killing the fish, bleeding it and chilling it without freezing leads to fish that is noticeably better, Khawaja said. "There's going to be a flavour profile difference and there's going to be texture profile difference," he said. The company chose Los Angeles for its headquarters and production because it has the right mix of potential employees as well as customers. It has the mechanical engineering talent as well as a major fishing fleet and lots of high-end restaurants. "The best mechanical engineering talent in the world, in my opinion, is in Southern California," said Seremoni co-founder Reed Ginsberg. The city is also a major health and consumer products hub as well as a trend setter for cutting-edge food fads. Chef Michael Cimarusti, co-owner of the Michelin starred Providence restaurant in Los Angeles, says he tries to buy local ikejime fish when he can because it preserves the quality and color. The fish preserved using ikejime look as if they "were just pulled from the water minutes ago," he said in an interview posted on YouTube by the American Fishing Tackle Co. Shinkei currently processes thousands of pounds weekly across operations in Washington, Central California and Massachusetts, with expansion to Alaska and the Gulf of Mexico planned this year. After feedback from fishermen that the bots took up too much deck space, the company developed "Block 2" robots that have roughly half the footprint while processing fish twice as fast. Currently, black cod and black sea bass processed through Poseidon are sold under Shinkei's brand Seremoni at retailers such as Happier Grocery and served at upscale restaurants including Atomix and Sushi Zo. This summer, the company plans to add salmon and red snapper to its offerings. – Los Angeles Times/Tribune News Service
Free Malaysia Today
3 days ago
- Free Malaysia Today
Sabah sees O&G windfall as foreign giants commit long-term
SMJ Energy CEO Dionysia Kibat attributes sustained investor confidence in Sabah's oil and gas sector to its collaborative engagement with Petronas. (AFP pic) PETALING JAYA : Sabah is drawing robust foreign direct investment (FDI) into its oil and gas (O&G) sector, bolstering state revenue and driving local economic growth—underpinned by a strategic collaboration with Petronas. Dionysia Kibat, CEO of SMJ Energy, said leading industry players are intensifying their activities across Sabah's resource-rich basins. 'Major international O&G companies are committing towards further exploration, development and production in the state,' she told FMT in an exclusive interview, adding that the state now leads the rest of the country in near-term FDI inflows. Among them, ConocoPhillips and Pertamina are active in the Layang-Layang basin, while INPEX Malaysia and TotalEnergies hold stakes in exploration blocks off the east and west coasts. Dionysia Kibat. Meanwhile, Shell Malaysia and ConocoPhillips have extended their production-sharing contracts (PSCs) to 2050, while PTTEP Malaysia is ramping up deepwater redevelopment in Blocks H and Kikeh. Dionysia said these partnerships are already providing a substantial boost to state coffers. 'Approximately half of the state government's revenue of RM6.7 billion is derived from oil and gas activities in the form of cash payment and SST.' She attributed the sustained investor confidence to Sabah's collaborative engagement with Petronas, contrasting it with Sarawak's legalistic and litigious stance. 'To date, this collaborative partnership has demonstrated commercial and financial success for Sabah,' said Dionysia. In 2021, Sabah chief minister Hajiji Noor's administration signed a commercial collaboration agreement (CCA) with Petronas, allowing the state greater say, revenue and participation in the O&G industry while respecting national laws, including the Petroleum Development Act 1974. SMJ Energy, a wholly-owned entity of the Sabah government established in 2021, has been tasked with overseeing, managing, and coordinating the state's participation across the entire O&G value chain. 'The CCA provides a commercial solution to overcoming the issue of O&G rights in Sabah while preserving the existing legal rights and privileges belonging to the state and federal governments,' said Dionysia. Through the CCA, SMJ Energy has acquired equity in multiple ventures: a 50% stake in the Samarang PSC, 25% in Petronas Chemicals Fertiliser Sabah, and 10% in a Petronas LNG plant in Bintulu. These have yielded RM1.8 billion, RM323 million, and RM866 million respectively in dividends and revenue. 'Dividends from SMJ—amounting to RM160 million to date—have been channelled back to the state government. 'SST paid to the state by SMJ Energy amounts to RM91 million to date,' she said. Sabah's contractors ride OGSE wave Sabah's oil and gas service and equipment (OGSE) industry is also seeing marked growth under the CCA framework. 'For Q1 of 2025, the value of OGSE work already awarded to Sabah contractors amounted to RM582 million, compared to RM613 million for the whole of 2021,' Dionysia noted. 'In 2024 alone, Sabah OGSE contractors were awarded RM2 billion worth of work, demonstrating Sabah as a OGSE powerhouse for the future.' SMJ is also working with Petronas to ensure adequate local gas supply to spur downstream industrialisation. 'We're jointly ensuring the availability of gas supply for a RM20 billion investment (in three phases) by E-Steel Enterprise Sdn Bhd to build a hot briquetted iron plant in Sipitang Oil and Gas Industrial Park, and Phase 2 of the SBH Kibing New Solar Energy SB's solar glass plant amounting to RM7.2 billion,' she said. Investing smart sans risk Asked about SMJ's strategic posture, Dionysia said the company would remain a financial investor in producing assets with strong cash flow. 'We work within our limitations and financial resources. SMJ Energy will do away with exploration risk and will not assume an operational role in its upstream investments for now.' She said SMJ leverages 'free carry interests' and 'contractual back-in rights'—mechanisms that allow it equity participation without initial capital exposure. A deeper partnership with Petronas is not ruled out, she added. 'There are ongoing discussions at the highest level between the state and federal governments under the MA63 committees,' said Dionysia. 'These relate to oil royalties, cash payments and the continental shelf which involve both existing state and federal legislation.'
New Straits Times
5 days ago
- New Straits Times
MEF welcomes Thailand-Cambodia ceasefire
KUALA LUMPUR: The Malaysian Employers Federation (MEF) has welcomed the immediate and unconditional ceasefire between Thailand and Cambodia, calling it as timely amid rising global uncertainties. MEF president Datuk Dr Syed Hussain Syed Husman said Malaysian employers, particularly those with regional operations, supply chains and investments in both countries, were grateful for the ceasefire, brokered through the "tireless efforts and leadership" of Prime Minister Datuk Seri Anwar Ibrahim. "At a time when employers are grappling with an increasingly complex global business environment, marked by slowing global trade, ongoing geopolitical tensions and recent disruptions linked to the United States tariff rates, this ceasefire is a welcome and much-needed development," he said in a statement today. He added Malaysia maintained substantial trade and investment ties with both Thailand and Cambodia. "Thailand is one of Malaysia's top trading partners in Asean, with bilateral trade exceeding RM100 billion annually. Many Malaysian companies operate factories, logistics hubs and retail outlets in the country. "Cambodia, while smaller in volume, is a growing trade partner. Malaysia's total investments in Cambodia surpassed RM 12.6 billion in recent years, particularly in the construction, banking, agriculture and telecommunications sectors. "As such, any instability in Thailand and Cambodia poses real risks to business continuity, supply chains and regional confidence." Syed Hussain said the swift de-escalation would ease concerns raised among members of the Confederation of Asia-Pacific Employers with direct operations or investment interests in both nations. "This proactive resolution helps prevent further commercial losses, supply chain disruptions and reputational risks that can emerge from prolonged conflicts. "Employers across the region, particularly those in labour-intensive manufacturing, agribusiness, logistics and cross border retail now have the opportunity to continue operations without disruption, while maintaining the safety of their workforce and facilities." He added that MEF reiterated its support for all regional efforts that protect business continuity, promote peaceful engagement and encourage robust intra-Asean economic cooperation. "MEF looks forward to continued stability in the region and encourages all parties to sustain this momentum towards lasting peace and mutual prosperity. Yesterday, Cambodia and Thailand agreed to an immediate and unconditional ceasefire amid an ongoing border conflict. The announcement followed a special meeting involving Cambodian Prime Minister Hun Manet and acting Thai Prime Minister Phumtham Wechayachai, hosted by Anwar in his capacity as Asean chair. The ceasefire took effect starting midnight on July 28.
