by Ganesh Sahathevan
It has been previously reported on this blog that PM Najib has probably handed over control of the Luconia Shoals to the Chinese Government.
Luconia Shoals Map
The cost to Malaysia of that handing over of control to China is illustrated in the map below, which shows the extent of the Luconia Province which lies within the Greater Sarawak Basin.
(Source:Borneo’s Petroleum Plays,Rasoul Sorkhabi, PhD)
While much of the area has been awarded to Shell and others, much remains open.However,
given the territorial conflict that China has brought to bear on the entire South China Sea, it is not unlikely that current concession holders would simply surrender their exploration and production rights.
While the area is not the easiest to explore nor the most prospective, technological advances (which are quite rapid) can change all that very quickly.Consequently the dollars lost probably exceed that which Najib Razak's predecessor Abdullah Badawi handed over to Brunei. Badawi's predecessor Mahathir Mohamad claims the Badawi give-away is worth USD 100 billion.That figure
has never been disputed by Badawi nor Najib.
(Source:Were Blocks L and M previously part of Malaysia, revisited)