Petronas goes to court over exclusive right to petroleum resources

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has gone to court to declare that under the Petroleum Development Act 1974 (PDA) it is the exclusive owner of the petroleum resources in the country, including Sarawak.

The national oil corporation said on Monday it had filed an application before the Federal Court seeking for a declaration on the Petroleum Development Act 1974 (PDA) being the law applicable for the petroleum industry in Malaysia.

The application is also to state Petronas is the exclusive owner of the petroleum resources as well as the regulator for the upstream industry throughout Malaysia, including in Sarawak.

“Petronas believes that the determination by the Federal Court would help provide clarity on its rights and position under the PDA.

“Petronas remains committed to support Sarawak’s aspiration to participate in the oil and gas industry in the State, for as long as it is within the framework of the PDA,” it said.

Source: The Star Online

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