29-06-2025
Bright prospects for east coast
Published on: Sunday, June 29, 2025
Published on: Sun, Jun 29, 2025 Text Size: 'The goal is for Sabah to become not just a place where oil and gas is extracted, but a regional hub for oil and gas services and innovation," Masidi said. MASIDI said more international oil companies are showing interest in Sabah, citing ConocoPhillips which has already started exploration work in northeast Sabah, while other American companies are considering investments. 'This expansion could benefit the East Coast which has not seen much oil industry activity compared to the west coast. 'In the not-too-distant future, the people in the east of Sabah will eventually get the benefits of the oil industry,' Masidi said. Sabah produces nearly 40 per cent of Malaysia's oil and close to 20 per cent of its gas, making it important for the country's energy needs. 'Sabah is blessed with abundant natural resources that are important contributors to the country's energy sector,' he said. Masidi also noted the recent agreement between Malaysia and Indonesia about disputed sea areas, whereby instead of fighting over who owns what, both countries will work together to extract oil and gas from overlapping claim areas. 'Instead of both losing, why not we jointly exploit the area claimed by both countries. You get some, we get some,' he said, adding that this could bring more business to Tawau and Lahad Datu. Looking forward, Masidi urged local businesses to keep improving their skills and work together on bigger projects. 'Our commitment to prioritising Sabahan companies remains paramount. However, this requires local businesses to actively invest in enhancing capabilities, forge strategic partnerships and embrace innovation,' he said. He urged business chambers to be bold, be visionary and be future-ready, encouraging companies to form partnerships that combine local knowledge with international expertise. 'The goal is for Sabah to become not just a place where oil and gas is extracted, but a regional hub for oil and gas services and innovation. 'Let us work together to usher in a new chapter for Sabah's oil and gas industry, one defined by greater empowerment, genuine inclusivity and local participation,' he said. KCCI President Datuk Ladislaus Maluda said the forum aims to foster collaboration and discuss market trends and industry investment opportunities, especially in oil and gas. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
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