Batu Lintang assemblyman See Chee How of Parti Sarawak Bersatu said Sarawak could “wait no longer” to set up the fund.

He said too much time had been wasted on studies to set up the fund and not enough was actually being done, since he first broached the idea of such a sovereign wealth fund, similar to that of Norway, as early as 2014.

His statements come following news reports that Abang Johari was currently in Norway studying how the country managed its wealth fund. The premier had said Sarawak will engage with Norway in an earnest effort to form and manage the state’s own sovereign wealth fund.

“Six months ago, he told us he had a group of experts to study it. We seem to be forever studying it. Meanwhile, our oil and gas resources are depleting fast,” he said.

He said the state’s oil and gas reserves could be completely depleted in as little as 20 years. However, if the fund was set up immediately, the state would be making money within as little as two years.

A study on the wealth fund had been started by the previous chief minister, the late Adenan Satem, before he died in January 2017. The study ended when Adenan died.

See said the fund should be independent of politics and be placed under the purview of the state assembly.