SMJ Energy Named “Equity Partner of the Year” at PETRONAS Emerald Awards 2026

NEWS & MEDIA

SMJ Energy Named “Equity Partner of the Year” at PETRONAS Emerald Awards 2026

11 May 2026

KUALA LUMPUR — SMJ Energy Sdn Bhd has been named Equity Partner of the Year at the PETRONAS Emerald Awards 2026, recognizing its standout contribution to Malaysia’s upstream oil and gas sector in 2025.

The Emerald Awards, held annually by PETRONAS, honour excellence among Petroleum Arrangement Contractors (PACs) for operational performance, collaboration, and sustainable industry development in Malaysia’s upstream oil & gas sector. This year’s ceremony was held at the Kuala Lumpur Convention Centre.

SMJ Energy was selected for its strategic value contribution, deep collaboration with PETRONAS and PAC partners in Sabah, and its strong ESG credentials reflected in responsible operations, meaningful social investment in Sabah communities, and disciplined governance as a state-linked equity partner.

“This award reflects our commitment to working hand-in-hand with our Operating partners, bringing value-adding and innovative proposals and plans, embedding best practices, and unlocking value from mature fields through cost-effective solutions,” said Datuk Dr Dionysia Kibat, CEO of SMJ Energy. “It’s a recognition of what collaboration can deliver for the industry and the communities we serve.”

Since its inception in 2021, SMJ Energy has built a growing upstream portfolio through strategic partnerships with PETRONAS, including interests in the Samarang PSC and several Sabah exploration blocks. Most recently, the company acquired a 20% participating interest in the North Sabah Enhanced Oil Recovery (EOR) PSC, deepening its role in Sabah’s mature producing assets and reinforcing its long-term commitment to the state’s upstream sector.

Source: Daily Express Malaysia

20pc stake in North Sabah PSC: Sabah’s second major upstream investment​

NEWS & MEDIA

20pc stake in North Sabah PSC: Sabah’s second major upstream investment​

10 February 2026

Kuala Lumpur: Sabah, through SMJ Energy Sdn Bhd (SMJE), has acquired 20 per cent participating interest in the North Sabah Enhanced Oil Recovery Production Sharing Contract (EOR PSC) following the signing of the Farm-Out Agreement (FOA) with Petronas Carigali Sdn Bhd (PCSB) at Kuala Lumpur Convention Centre (KLCC), Monday.

Chief Minister Datuk Seri Hajiji Noor said this latest achievement reflects the State Government’s long-term strategy to strengthen Sabah’s energy sector through high-quality investments and close collaboration with Petronas.

“With opportunities now expanding across the State from the West to the East Coast, we welcome reputable investors to partner with us in ensuring sustainable and lasting benefits for the people of Sabah,” he said after witnessing the exchange of documents in conjunction with the Commemoration of Sabah and Petronas Collaboration.

The acquisition, effective Jan 1, 2026, follows the Heads of Agreement (HoA) signed between SMJE and PCSB in November 2025, paving the way for today’s final transaction.

It is SMJE’s second upstream acquisition since entering the Samarang PSC in April 2023, which further solidifies its role as a strategic player in Sabah’s oil and gas landscape.

The North Sabah EOR PSC includes four producing oil fields located in shallow waters approximately 70 metres deep offshore Kota Belud.

The asset comprises 20 offshore platforms connected by a 143km, 24-inch pipeline that evacuates crude oil to the Labuan Crude Oil Terminal (LCOT).

Following the transaction, SMJE will assume a 20pc non-operating partner interest, while Sea Hibiscus Sdn Bhd continues as operator with a 50pc participating interest and PCSB retains 30pc.

The move is expected to raise SMJE’s crude entitlement, increasing its cargo lifting from 4.7 cargoes in 2025 to 7.0 cargoes in 2026, enhancing revenue streams and supply reliability for Sabah.

Deputy Chief Minister II cum Finance Minister Datuk Seri Masidi Manjun, who is also SMJE Chairman, said North Sabah is a strategic producing asset and SMJE’s participation signals a maturing role for the State in upstream activities.

“This move secures long-term value, builds commercial capability and ensures more benefits flow directly to the people of Sabah,” he said.

Under the current Sabah administration, he said SMJE continues to accelerate value creation through strategic partnerships, local participation and responsible resource management.

Earlier, an exchange of documents took place for the HoA between Petronas and Sabah Energy Corporation (SEC) for the Mutiara Cluster. This HoA establishes the framework for a future Gas Sales Agreement (GSA) to facilitate the cluster’s development, targeted for the first quarter of 2029.

Additionally, documents were exchanged for the Permata Cluster PSC between Petronas and Bridge Petroleum Limited, a newly-appointed Petroleum Arrangement Contractor (PAC).

The Permata Cluster is located offshore Sabah.

Hajiji (second left) and Petronas President and Group Chief Executive Officer Tan Sri Tengku Muhammad Taufik (second right) witnessing the exchange of documents for the 2011 Farm-Out Agreement (FOA) under the North Sabah EOR PSC between Petronas Carigali Sdn Bhd, represented by its Chief Executive Officer Hazli Sham Kassim and SMJE represented by its Chief Executive Officer Datuk Dr Dionysia Kibat.

Source: Daily Express Malaysia

Sabah strikes deal with PETRONAS to buy 20% non-operating interest in another oil block

NEWS & MEDIA

Sabah strikes deal with PETRONAS to buy 20% non-operating interest in another oil block

9 February 2026

KUALA LUMPUR (Feb 9): The Sabah state government has completed yet another major upstream oil and gas investment. Sabah state-owned SMJ Energy Sdn Bhd is acquiring a 20% non-operating interest in an oil production-sharing contract (PSC) covering four fields off its coast.

SMJ Energy Sdn Bhd acquired the stake via a farm-out agreement with PETRONAS Carigali Sdn Bhd, PETRONAS’ exploration and production arm, according to the national oil firm’s statement on Monday.

PETRONAS Carigali’s non-operating stake in the North Sabah Enhanced Oil Recovery Production Sharing Contract (NSEOR PSC) will be reduced to 30%, while operator SEA-Hibiscus Sdn Bhd — which manages production’s day-to-day operations — will retain 50%.

The value of the 20% non-operating stake acquired in the PSC was not disclosed in the statement.

The NSEOR PSC comprises the Barton, South Furious, SF30, and St Joseph fields, located in shallow waters off the coast of Sabah. It includes 20 offshore platforms connected by a 143km pipeline that transports crude oil to the Labuan Crude Oil Terminal.

Sabah’s modus operandi of acquiring non-operating interest in PSCs is anchored on its commercial collaboration agreement with PETRONAS that was signed in December 2021.

Sabah, which produces the most crude oil in the country, has chosen a different path from its neighbouring state Sarawak in terms of managing the state’s hydrocarbon resources. Sabah agreed to allow PETRONAS to undertake exploration and development works. The state will later buy a non-operating stake once PETRONAS strikes oil. SMJ Energy is only keen on producing assets.

Meanwhile, Sarawak, via state-owned entity Petros, intends to claim full control and operatorship of targeted projects under its commercial settlement agreement with PETRONAS.

Prior to the latest deal, SMJ Energy acquired a 50% non-operating interest from PETRONAS Carigali in the Samarang PSC in April 2023.

SMJ Energy and PETRONAS Carigali are also partners for several other PSCs in the state’s waters. According to SMJ Energy’s website, the company has “back-in options” to acquire participating interests in the contracts.

Beyond upstream operations, SMJ Energy’s partnership with PETRONAS also extends to its 25% stake in PETRONAS Chemicals Fertiliser Sabah and a 25% stake in floating liquefied natural gas facility project, PFLNG 3.

PETRONAS Carigali Sdn Bhd CEO Hazli Sham (third from right) exchanging documents with SMJ Energy Sdn Bhd CEO Datuk Dr Dionysia Aloysius Kibat after signing the agreements. Looking on were Sabah Chief Minister Datuk Seri Hajiji Noor (second from left) and PETRONAS president and Group CEO Tan Sri Tengku Muhammad Taufik (second from right).

Source: The Edge Malaysia

SMJE acquires 20% stake in North Sabah oil production sharing contract

NEWS & MEDIA

SMJE acquires 20% stake in North Sabah oil production sharing contract

9 February 2026

PETALING JAYA: Sabah state-owned oil and gas company SMJ Energy Sdn Bhd (SMJE) has acquired a 20% stake in the North Sabah enhanced oil recovery production sharing contract.

Under an agreement signed in Kuala Lumpur today, SMJE will assume a 20% non-operating partner interest from Petronas Carigali Sdn Bhd (PCSB).

SEA Hibiscus Sdn Bhd will continue as the operator with a 50% participating interest while PCSB retains the remaining 30%.

The move is expected to raise SMJE’s crude entitlement, increasing its cargo liftings from 4.7 in 2025 to 7.0 in 2026, enhancing revenue streams and supply reliability for Sabah.

Sabah chief minister Hajiji Noor said the acquisitiion reflects the state government’s long-term strategy to strengthen the state’s energy sector through high-quality investments and close collaboration with the national oil company.

“With opportunities now expanding across the state from the west to the east coast, we welcome reputable investors to partner with us in ensuring sustainable and lasting benefits for the people of Sabah,” he said after witnessing the exchange of documents.

SMJE chairman Masidi Manjun said North Sabah is a strategic production asset, and the company’s participation signals a maturing role for the state in upstream activities.

“This move secures long-term value, builds commercial capability, and ensures more benefits flow directly to the people of Sabah,” Masidi, who is also the deputy chief minister, said.

The North Sabah oil recovery production sharing contract includes four producing oil fields located in shallow waters, 70m deep, off Kota Belud.

Petronas Carigali Sdn Bhd CEO Hazli Sham Kassim (left) and SMJ Energy Sdn Bhd CEO Dionysia Kibat exchanging copies of the agreement at the signing ceremony. Sabah chief minister Hajiji Noor is second from left. (Sabah chief minister’s department pic)

Source: FMT

SMJ Energy announces RM50 million payout to government

NEWS & MEDIA

SMJ Energy announces RM50 million payout to government

19 December 2025

Kota Kinabalu: SMJ Energy Sdn Bhd has declared and paid a RM50 million dividend to the Sabah State Government for the financial year ending Dec 31, marking another year of returns from the State-owned energy company.

The payment brings total dividends paid to the State to RM160 million since 2023, more than tripling the government’s initial RM50 million investment in the company over a three-year period.

According to the company’s 2024 audited accounts, SMJ Energy recorded a profit after tax of RM307 million, with group assets reaching RM4.9 billion. 

The company operates across the upstream oil and gas sector, liquefied natural gas (LNG) and petrochemicals.

Chief Executive Officer Datuk Dr Dionysia Kibat attributed the dividend payment to operational performance and financial management.

“We are proud to close 2025 on solid ground. This dividend reflects our strong cash flow position and our commitment to ensure Sabah benefits meaningfully from its own resources,” she said.

SMJ Energy holds an AAA rating from RAM Ratings. The company has been expanding its operations across the energy value chain since its establishment with state funding in 2022.

The dividend represents a direct return to state coffers from Sabah’s oil and gas resources, which have long been a source of revenue discussion between the State and Federal governments.

Chief Minister Datuk Seri Hajiji Noor receiving the cheque replica from SMJ Energy Executive Director, Upstream Datuk Albert Lo

Source: Daily Express Malaysia

SMJ Energy acquires 20% stake in North Sabah production sharing contract

NEWS & MEDIA

SMJ Energy acquires 20% stake in North Sabah production sharing contract

29 November 2025

KOTA KINABALU (Nov 29): Sabah is poised to secure a bigger share in oil and gas resources following state-owned SMJ Energy’s (SMJE) acquisition of a 20% non-operating participating interest in the North Sabah enhanced oil recovery production sharing contract (EOR PSC).

In a statement on Friday night, the Sabah Chief Minister’s Department said the acquisition reflects the state’s long-term strategy to build real value from its resources, made possible through the strong collaboration between the Sabah government and Petroliam Nasional Bhd or PETRONAS under the commercial collaboration agreement (CCA) signed on Dec 7, 2021.

“We are not just increasing ownership, we are securing Sabah’s rightful share in its energy future. With both the Samarang and North Sabah assets now part of its portfolio, SMJE will enable Sabah to lift to seven crude oil cargoes annually,” the statement said.

This development is expected to boost energy revenue and solidify the state’s growing influence in the upstream energy landscape.

Looking ahead, SMJE plans further equity participation in Sabah’s oil and gas resources in alignment with the CCA, which is designed to deliver greater say, greater participation, and greater revenue sharing from offshore oil and gas activities, directly to Sabah.

The North Sabah EOR PSC covers four oilfields, located in shallow waters off Kota Belud. On completion of the agreement, PETRONAS Carigali Sdn Bhd will retain a 30% stake, while SEA-Hibiscus Sdn Bhd will continue as the operator with a 50% interest.

Source: The Edge Malaysia

Sabah formalises acquisition of 25% equity in PETRONAS PFLNG 3, says CM

NEWS & MEDIA

Sabah formalises acquisition of 25% equity in PETRONAS PFLNG 3, says CM

31 October 2025

KOTA KINABALU: Sabah has formalised the acquisition of 255 equity in PETRONAS PFLNG 3 Sdn Bhd, a move that further strengthens the synergy between the national petroleum company and the state, says Datuk Seri Hajiji Noor (pic).

“Not only will it further strengthen the synergy between PETRONAS and Sabah, but it will also unlock potential for similar collaborations in the future,” the Sabah Chief Minister said in a statement Friday (Oct 31).

 

Sabah, through SMJ Energy Sdn Bhd (SMJ Energy), entered into definitive agreements with PETRONAS LNG Sdn Bhd, a subsidiary of PETRONAS, to formalise the acquisition of a 25% equity interest in PETRONAS PFLNG 3 Sdn Bhd, also known as ZLNG, here Friday.

This was a follow-up to the signing of the Heads of Agreement of the proposed acquisition witnessed by the Chief Minister and PETRONAS president and group CEO Tan Sri Tengku Muhammad Taufik in Kuala Lumpur on July 17 this year.

 

PETRONAS PFLNG 3 is developing the US$3.1bil nearshore floating liquefied natural gas (FLNG) facility at the Sipitang Oil & Gas Industrial Park (SOGIP).

Expected to commence in the second half of 2027, the PFLNG 3 is designed with a production capacity of 2 million tonnes per annum (2.0 MTPA).

This strategic investment is the latest addition to the existing diversified portfolio of SMJ Energy as the company now holds 50% participating interest in the Samarang Production Sharing Contract, 10% equity interest in PETRONAS LNG 9 Sdn Bhd, 25% equity interest in PETRONAS Chemicals Fertiliser Sabah Sdn Bhd (SAMUR petrochemical plant) and full ownership of Sabah International Petroleum Sdn Bhd (SIP), which operates both FPSO and FSO assets.

Source: The Star

Petronas, SMJ Energy Ink Deal For 25% Equity Stake In PFLNG 3

NEWS & MEDIA

Petronas, SMJ Energy Ink Deal For 25% Equity Stake In PFLNG 3

17 July 2025

Petroliam Nasional Bhd (Petronas), through its subsidiary Petronas LNG Sdn Bhd (PLSB), has signed a Heads of Agreement (HoA) with SMJ Energy Sdn Bhd to formalise a 25% equity participation by SMJ Energy in PFLNG 3 Sdn Bhd, the project company developing Malaysia’s next floating liquefied natural gas (LNG) facility.

The agreement allows Petronas to deepen its collaboration with the Sabah state government, while advancing the responsible and inclusive development of the state’s natural gas resources.

 

The HoA was signed by SMJ Energy CEO Datuk Dr Dionysia Aloysius Kibat and PLSB CEO Shamsairi M Ibrahim in the presence of Sabah Chief Minister Datuk Seri Hajiji Noor and Petronas President and Group CEO Tan Sri Tengku Muhammad Taufik Tengku Aziz.

The PFLNG 3 project is a shore-based floating LNG facility to be developed at the Sipitang Oil & Gas Industrial Park in Sabah. Once completed, it will enhance Malaysia’s LNG infrastructure and expand the nation’s capacity to monetise gas resources efficiently and sustainably.

“This collaboration with SMJ Energy is a key step in ensuring Sabah’s greater participation in its own energy development,” Petronas said in a statement.

It added that the proposed equity acquisition will be finalised through definitive agreements following the HoA, setting the stage for deeper integration of state interests in national energy ventures.

Source: Business Today

Sabah turns oil profits into school aid for poor students

NEWS & MEDIA

Sabah turns oil profits into school aid for poor students

11 June 2025

SIXTEEN-year-old Riolwen Paul, the son of a farmer in one of Sabah’s most remote districts, says he does not receive regular school pocket money.

On days when there are co-curricular activities, he often must go without it, said the Form Four student from Pitas.

But starting this month, Riolwen is among 2,617 students in Pitas who will receive a smart card worth RM100 monthly as part of a new state-backed initiative aimed at easing the cost of schooling for families in what is widely regarded as the poorest district in Malaysia.

“Sometimes I use it when there’s extra-curricular activities (at school),” Riolwen said, referring to after-school programmes.

“If my parents can’t give me any money, I’ll still be able to buy something,” he added.

The initiative was made possible through a collaboration between state-owned SMJ Energy and the MyKasih Foundation, under its “Love My School” programme — a smart-card system designed to channel targeted welfare support to underprivileged students.

The programme targets schoolchildren from poor families with monthly aid for food, stationery, and school supplies — all delivered via the cashless card, which can be used only at designated shops and school canteens for pre-approved essentials.

According to state Finance Minister Datuk Seri Masidi Manjun, SMJ Energy reported a profit of RM320 million in 2024 and is now fulfilling its social obligation by redistributing part of that wealth back to the people.

SMJ Energy is established to manage the Sabah’s commercial interest in the oil and gas industry.

“We chose Pitas because it has long been known as the most underdeveloped district in Malaysia. This is part of our corporate responsibility to help communities that need assistance.

“And we believe one of the most effective approaches is to invest in the youth,” he said at the launch of the programme at Kanibungan Secondary School in Pitas, some 200 kilometres from Kota Kinabalu.

The programme will benefit students from four primary and three secondary schools in the district.

Each student will receive RM100 per month for the next eight months through the MyKasih smart-card system.

“There will be no cash withdrawals. Sometimes when people receive cash, instead of buying food, they buy a new phone. This programme is about changing mindsets — ensuring help goes where it’s needed,” he said.

Eligibility was determined through school data in cooperation with MyKasih, with priority given to households earning less than RM2,500 a month.

“This is the first time MyKasih is working with SMJ Energy. Previously, there were small-scale contributions from elected representatives, but nothing as comprehensive as this,” Masidi added.

He said the state will evaluate the programme’s impact before deciding whether to expand it to other needy districts or continue it in Pitas.

“Either way, we are setting a precedent for how natural resource revenue can directly support education and social mobility,” he said.

During the same visit, Masidi also approved RM250,000 to build a multipurpose hall for one of the participating schools and an additional RM15,000 for a local church.

Also present were SMJ Energy CEO Dr Dionysia Kibat and MyKasih Deputy Chairman Jeffrey Perera.

The programme will benefit students from four primary and three secondary schools in the district.

Source: The Vibes

SMJ Energy’s 2024 profit surges to RM362 million amid market uncertainties

NEWS & MEDIA

SMJ Energy’s 2024 profit surges to RM362 million amid market uncertainties.

22 April 2025

KOTA KINABALU (April 22): SMJ Energy Sdn Bhd (SMJ Energy) announced its unaudited financial results for the year ended 31 December 2024, reporting a profit after tax of RM362 million compared to RM259 million in 2023, an almost 40% jump in profit.

The result demonstrates the company’s robust performance despite volatile global energy markets, driven by strategic asset optimization, disciplined cost management and robust revenue growth.

SMJ Energy’s revenue surged year-on-year, propelled by strong contributions from flagship assets Samarang Production Sharing Contract (PSC), LNG Train 9 liquefaction plant, Petronas Chemical Fertilizer Sabah Sdn Bhd (PCFSSB) and Floating Production & Storage (FPSO) and Floating Storage Operation (FSO) from debt free Sabah International Petroleum (SIP).

Sabah’s Minister of Finance and Chairman of SMJ Energy, Datuk Seri Panglima Masidi Manjun credited this achievement to the dedication of a professional team working in close collaboration with key stakeholders, including Petronas.

Given the balanced portfolio consisting of Upstream, LNG, Petchem and FPSO/FSO, SMJ Energy’s financials will remain robust even in a low oil price scenario.

However, he cautioned vigilance regarding the external environment, particularly the ongoing global tariff war and fluctuating oil prices.

“The volatility in global oil markets highlights the importance of maintaining our proactive risk management and prudent investment strategies,” he stated.

In addition to building a profitable oil and gas business, SMJ Energy is actively supporting the state in improving local contents in the oil and gas services and equipment (OGSE) sector in Sabah without compromising costs, safety, quality and schedules. The total value of jobs awarded to Sabahan companies reached RM2 billion last year compared with RM613 million in 2021.

Source: Borneo Post Online