PETROL

Legislations regulating petroleum and natural gas exploration and production can be divided into two stages of development; prior to 1974 and post 1974.1 Before 1974, there were a number of acts passed to suit the necessity of petroleum and gas industry. The Continental Shelf Act 1966 , Petroleum Mining Act 1966, Petroleum Income tax 1967 and Petroleum Mining Rules 1968 were the results of the research done by Walter J.Levy2 who was appointed by the Malaysian government to review the Malaysian petroleum policy in 1964.



When oil and gas is mentioned in Malaysia, Petronas is at the top of the list, short for Petroliam Nasional Berhad, is a Malaysian-owned oil and gas company that was founded on August 17, 1974. Wholly owned by the Government, the corporation is vested with the entire oil and gas resources in Malaysia and is entrusted with the responsibility of developing and adding value to these resources. Petronas is ranked among Fortune Global 500's largest corporations in the world.