Petroliam Nasional Berhad (PETRONAS) is an oil company in Malaysia. PETRONAS was found on 17th August 1974. Wholly owned by the Government of Malaysia, 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.
Over the years, PETRONAS have gained unique experience and expertise in nation building and this, coupled with our technical and operational competencies have allowed PETRONAS to be increasingly accepted as the preferred strategic partner by international companies and the host countries where we operate. This augurs well for the realization of our vision to become a “Leading Oil and Gas Multinational of Choice".
PETRONAS was not the first company to extract oil or gas in Malaysia. It was Royal Dutch Shell that began the oil exploration in Sarawak, then under the White Rajahs, at the end of the 19th century. In 1910, the first oil well was drilled in Miri, Sarawak. This became the first oil producing well known as the Grand Old Lady.
Shell was still the only oil company in the area in 1963, when the Federation of Malaya, having achieved independence from Britain six years before, united with Sarawak and Sabah, both on the island of Borneo, and became Malaysia. The authorities in the two new states retained their links with Royal Dutch Shell, which brought Malaysia's first offshore oil field on-stream in 1968.
RESEARCH AND DEVELOPMENT (R&D)
R&D refer those investigate activities leading to the discovery of knowledge (research) and the translation of this new knowledge into marketable product development. Objective of R&D:
a) To create or design new products or services
b) To find new uses of existing products
c) To develop new processes that will help reduce capital and manufacturing cost