SABAH INTERNATIONAL PETROLEUM ("SIP") was formed in 2014 by the State Government of Sabah, as a special purpose entity to support the State's expanded involvement in the energy, oil and gas sector and to further strengthen the State's position in the industry.
Moving towards this vision and following a restructuring of Sabah Development Bank Berhad that was completed in October 2016, SIP is now wholly owned by Sabah Development Berhad, an investment holding company specially incorporated by the Sabah State to ensure SIP moves in tandem with the State's development plan and objectives.
SIP involved in areas of Exploration & Production (E&P), Offshore Floating Production Systems (FPSO/FSO) and Oilfield Production Enhancement. These business sectors are each represented by respective holding entities namely, Sabah International Petroleum E&P Sdn. Bhd., Sabah International Petroleum FP Sdn. Bhd. and BCI Sabah International Petroleum Sdn. Bhd.
In E&P, SIP has secured a strategic interest in two PSC's onshore Sabah which are Blocks SB 331 & SB 332.
Apart from the E&P sector, SIP has investments in other entities which have valuable assets such as FPSO Ratu Nusantara, FSO Ratu Songkhla as well as a 10% equity in the LNG Train-9 project.
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 capabilities, develop competencies and provide opportunities for skills upgrading, including human capital development.