SABAH INTERNATIONAL PETROLEUM SDN BHD
(“SIP”) was formed in year 2014 by the State Government of Sabah, as a special purpose entity to support the State’s continuous development in the oil and gas sector and to further strengthen Sabah State Government’s position in the oil and gas industry.
Moving towards this vision and following a restructuring between Sabah State Government and Sabah Development Bank Berhad that was completed in October 2016, SIP is now wholly owned by Sabah Development Berhad, an intermediary investment holding company specially incorporated by the State to ensure SIP moves in tandem with the State’s development plan and objectives.
As a new set up, SIP mainly focuses on three core sectors in the oil and gas industry, namely Exploration & Production Sector, Exploration & Production Support Services Sector (which includes Floating Production and Oilfield Chemical Manufacturing) and the Energy Sector. These business sectors are each represented by respective holding entities namely, Sabah International Petroleum E&P Sdn Bhd, Sabah International Petroleum FP Sdn Bhd, BCI Sabah International Petroleum Sdn Bhd and Sabah Development Energy Sdn Bhd.
To accelerate SIP’s future development in the oil and gas industry, it has also successfully acquired several well established and experienced oil and gas entities. These entities include SIP Gamma Sdn Bhd, Sabah International Petroleum (SB 331) Sdn Bhd and Sabah International Petroleum (SB 332) Sdn Bhd. SIP Gamma Sdn Bhd has a Production Sharing Contract (PSC) for an oil and gas Block in Ujong Kulon, offshore West Java, Indonesia. SIP group has also secured a substantial interest in two PSC’s onshore Sabah which are Blocks SB 331 and SB 332. Further to the growth, SIP group has an equity investment interest in Octanex N.L., which is an Australian oil and gas company with a 50% interest in the Ophir Oil field development offshore Peninsular Malaysia via its interest in Ophir Production Sdn Bhd (OPSB).
Apart from the Exploration & Production Sector, SIP has also acquired few other entities which own valuable vessels such as FPSO Ratu Nusantara, FPSO Perintis and FSO Ratu Songkhla. All these entities are now part of the Exploration & Production Support Sector of SIP group. Moving forward, SIP group has been appointed by Sabah State government to engage with PETRONAS for a 10% potential investment opportunity in the Bintulu LNG Train 9 project.
Expanding & Diversifying for Greater Growth
The strategic acquisition has given SIP immediate working assets, and has made SIP as one of the largest privately held oil and gas companies by the Sabah State.
SIP recognized the vast potential of the oil and gas industry in promoting Sabah’s social and economic development. SIP had been working closely with industry players to raise professionalism, develop competencies and provide opportunities for skills upgrading, including human capital development.
SIP has adopted a distinctive logo based on the OIL drop silhouette, where the oil drop signifies SIP as an oil & gas company. The bottom curvature of the oil drop symbolises the full support from the Sabah State Government, while the top three strokes each represent SIP’s three core business sectors: Exploration & Production, Exploration & Production Support Services, and the Energy sector.