Sarawak’s deputy minister affirmed that the state administration will honour and enforce the court’s decision in its ongoing dispute over oil and gas rights with Petronas and the federal government. This declaration came soon after the Federal Court rejected Sarawak’s attempt at a judicial review of the Petroleum Development Act 1974, which grants Petronas sole authority over subsurface hydrocarbons.
While expressing regret at the outcome, Deputy Minister of Energy and Natural Resources Ahmad Hamzah said Sarawak accepts the judiciary’s verdict as final. “We have complete trust in our legal institutions,” he stated. “Once the judiciary has spoken, we are duty‐bound to comply.”
Two years ago, Sarawak initiated legal proceedings, arguing that the state should hold primary ownership of its oil and gas reserves and receive a greater portion of the revenue. Under the current framework, Petronas provides Sarawak with a 5 percent oil royalty—an amount the state contends falls short of its fair share.
Despite this ruling, Ahmad Hamzah indicated that Sarawak will pursue alternative channels to boost its share of petroleum wealth. He added that state leaders remain open to discussions with the federal government and Petronas regarding additional payments or joint‐venture schemes that could enhance Sarawak’s development funds.
Prime Minister Anwar Ibrahim has reiterated the inviolability of the Federal Constitution, noting that it clearly vests control of underground resources in the federal government. Nevertheless, he has directed officials to examine more favourable revenue‐sharing formulas under the Malaysia Agreement 1963, which defines Sarawak’s rights within the federation.
Looking ahead, Sarawak’s leadership plans to focus on strengthening the state’s capacity to attract and manage investments in downstream processing, renewable energy and other sectors beyond oil and gas. “Our aim is to diversify Sarawak’s economy,” the deputy minister added. “Respecting the court’s decision does not close the door on constructive dialogue or innovative ways to utilise our natural resources.”
📊 Miri Property Market Insight
The Miri property sector remains on a stable upward trajectory, driven by new infrastructure projects, oil & gas industry activity, population growth and increasing demand for both rental and resale units. Staying informed about the latest developments, price trends and government regulations can help buyers and investors make well‐informed decisions.
💡 What This Means for Buyers & Investors
Prospective homeowners in Miri can choose from affordable options to premium gated communities. Investors may discover attractive rental yields in strategic areas such as Marina, Permyjaya, Taman Tunku and city‐centre apartments. New project launches also offer opportunities for early‐bird pricing and developer incentives.
🔗 Useful Resources
Note: This article has been automatically retrieved from reliable news outlets. The information is intended solely for general reference. Always confirm project specifics, pricing and investment decisions with accredited agents or official developers.
📈 Looking for Ways to Grow Your Savings?
After budgeting or planning your property expenses, explore smarter investing options like REITs and stocks for long-term growth.
📈 Start Trading Smarter with moomoo Malaysia →(Sponsored — Trade REITs & stocks with professional tools)