SABAH INTERNATIONAL PETROLEUM SDN. BHD. (“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 Sabah State Government’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 plans and objectives.
SIP focuses on three core sectors which are O&G Exploration & Production, O&G Exploration & Production Support Services Sector (which includes Floating Production and Oilfield Chemical Manufacturing) and Energy Supply. 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 energy, oil and gas industry, it has successfully made strategic investments in oil and gas entities. SIP has secured a strategic interest in two PSC’s onshore Sabah which are Blocks SB 331 and SB 332. Further to the growth, SIP 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 O&G Exploration & Production Sector, SIP has investments in 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 O&G Exploration & Production Support Services Sector of SIP. Moving forward, SIP has been appointed by Sabah State government to engage with PETRONAS for a 10% potential investment opportunity in the Bintulu LNG Train 9 project.
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 recognised 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: O&G Exploration & Production, O&G Exploration & Production Support Services, and the Energy Supply sector.