KUALA LUMPUR: Malaysia's energy giant Petronas said on Monday it had agreed to a commercial settlement that grants Sarawak state a higher revenue share of oil and gas produced in the state.

Under the agreement, Sarawak state will also be given more active involvement in the state's oil and gas industry through management of onshore oil and gas resources, through its state-owned energy firm PETROS, according to a joint statement by Petronas and the state government.