PETRONAS is the custodian of Malaysia’s petroleum resources:
- The Petroleum Development Act (PDA) of 1974 vests in PETRONAS the entire ownership of, and exclusive rights to exploit Malaysia’s petroleum resources.
- PETRONAS is a corporation wholly-owned by the Government of Malaysia and is directly answerable to the Prime Minister.
- PETRONAS as a competent body also provides expert advice to the Government on oil and gas matters, regulations and incentives in ensuring a conducive environment for upstream investment.