London-based Gibson Shipbrokers and Malaysian state-owned Sabah Oil & Gas Development Corporation (SOGDC) have signed an agreement to develop oil and gas facilities in the Southeast Asian nation's Sabah state.
The oil and gas facilities will be developed at the Sipitang Oil and Gas Industrial Park in Sabah, and will include the construction of a jetty, onshore hydrocarbon storage terminals and a floating power plant, according to a statement from Gibson Shipbrokers.
The inclusion of LNG bunkering, handling and refilling facilities is also under close consideration, it added.
A feasibility study for the proposed development is being carried out and is scheduled for completion by early July 2024.
In 2022, the Sabah state government and state energy firm Petronas launched a gas masterplan to further develop the domestic gas industry. It includes the construction of a 2 million ton per annum liquefied natural gas (LNG) plant at the Sipitang Oil and Gas Industrial Park.
Malaysia was the world's fifth largest LNG exporter last year, shipping out nearly 27 million tons of the super-chilled fuel in 2023, according to Kpler and LSEG data. Sabah is a key gas producing state in Malaysia.
(Reuters - Reporting by Emily Chow; Editing by Mrigank Dhaniwala)