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| Petroleum Development Malaysia Berhad | |
|---|---|
| Name | Petroleum Development Malaysia Berhad |
| Type | Public company |
| Traded as | Bursa Malaysia: 2862 |
| Industry | Oil and gas |
| Founded | 1974 |
| Founder | Tun Abdul Razak |
| Headquarters | Kuala Lumpur, Malaysia |
| Area served | Malaysia (offshore and onshore) |
| Key people | Tan Sri Mohamad Hassan; num_employees = | revenue = |
Petroleum Development Malaysia Berhad is a Malaysian oil and gas exploration and production company founded in 1974 by Tun Abdul Razak to manage upstream hydrocarbon resources in Peninsular Malaysia, Sarawak, and Sabah. The company operates under licenses and production-sharing arrangements with national and state authorities, and it engages with international energy firms such as Shell plc, Petronas, and ExxonMobil. It is listed on Bursa Malaysia and interacts with regional markets including Singapore and actors like China National Offshore Oil Corporation and Petroliam Nasional Berhad.
The company was established during the administration of Tun Abdul Razak amid regional developments involving British Petroleum, Royal Dutch Shell, and the legacy of colonial-era concessions such as those held by Anglo-Persian Oil Company. Early decades involved joint ventures with Marathon Oil, ConocoPhillips, and Caltex while navigating legal frameworks shaped by the Malaysian Constitution and state legislatures in Sabah and Sarawak. In the 1980s and 1990s PDMB expanded through partnerships with TotalEnergies and Eni, aligning with national strategies promoted by Tun Dr Mahathir Mohamad and policy institutions like Bank Negara Malaysia. Recent history includes strategic responses to global events such as the 2008 financial crisis, the 2014 oil price collapse, and the COVID-19 pandemic, while engaging in regional dialogues with bodies like the Association of Southeast Asian Nations and commodity forums in Vienna.
Ownership traces connect to sovereign and quasi-sovereign entities, including holdings associated with Permodalan Nasional Berhad, Khazanah Nasional, and other institutional investors such as Employees Provident Fund and KWAP. The company governance interacts with regulatory authorities including Suruhanjaya Syarikat Malaysia and listing rules of Bursa Malaysia. Strategic alliances and shareholder agreements have involved multinational corporations like Chevron Corporation, BP plc, and Mitsubishi Corporation, and institutional investors from Japan and United Kingdom. Board composition has reflected appointments linked to figures from Ministry of Finance (Malaysia), Ministry of International Trade and Industry (Malaysia), and state agencies of Sarawak.
Operations span offshore basins in the South China Sea, the Klippe Complex, and nearshore fields adjacent to Terengganu and Pahang. Asset portfolios include conventional fields, production platforms, and pipelines connecting to terminals at Kertih and Bintulu. The company has undertaken exploration with seismic contractors and service companies such as Schlumberger, Halliburton, and Baker Hughes, and has used FPSO units similar to those operated by BW Offshore and Modec. Field operations interface with maritime regulators like Maritime Enforcement Agency of Malaysia and port authorities in Port Klang. Joint operating agreements have been structured with regional partners including Petroliam Nasional Berhad, Sapura Energy, and Dialog Group.
As a publicly traded entity on Bursa Malaysia, financial reporting adheres to standards overseen by Malaysian Institute of Accountants and Securities Commission Malaysia. Revenue streams derive from crude oil, condensate, and natural gas sales into markets such as Japan, South Korea, and Thailand. Financial cycles have reflected commodity price volatility shaped by organizations and events like Organisation of the Petroleum Exporting Countries, Brent crude, and geopolitical tensions involving Iraq, Iran, and Russia. Capital expenditure and financing have involved institutions such as CIMB Group, Maybank, and international banks like HSBC and Standard Chartered.
Environmental management aligns with national frameworks including the Department of Environment (Malaysia) and international standards promoted by International Organization for Standardization such as ISO 14001. The company engages in spill response planning alongside agencies like Malaysian Maritime Enforcement Agency and contractors specialized in decommissioning similar to TechnipFMC and Saipem. Safety regimes reference standards of International Association of Oil & Gas Producers and practices used by firms such as Shell plc and BP plc. Environmental concerns raise interactions with conservation groups and conventions including Ramsar Convention sites, coastal stakeholders in Terengganu, and scientific bodies like Universiti Malaya and Universiti Teknologi Malaysia.
Community programs have targeted coastal communities in Kelantan, Terengganu, and Sabah and partnered with NGOs and institutions such as Malaysian Red Crescent Society, MYDIN Foundation, and local councils. Initiatives include vocational training with polytechnics like Politeknik Sultan Salahuddin Abdul Aziz Shah, education scholarships through foundations similar to Yayasan Petronas, and infrastructure projects coordinated with state governments in Terengganu and Perak. CSR reporting references principles promoted by United Nations Global Compact, Sustainable Development Goals, and engagement with chambers such as Federation of Malaysian Manufacturers.
Board and executive appointments have featured professionals with experience at Petroliam Nasional Berhad, Tenaga Nasional Berhad, and multinational firms like Shell plc and ExxonMobil. Governance frameworks follow codes promoted by Securities Commission Malaysia and benchmarking against peers listed on FTSE Bursa Malaysia EMAS Index. Audit and risk oversight engage external auditors from firms such as PricewaterhouseCoopers, KPMG, and Deloitte. Management has engaged in strategic planning influenced by energy transition dialogues at forums like International Energy Agency and regional summits of ASEAN Ministers on Energy Affairs.
The company’s operations have occasionally been subject to disputes over licensing, royalties, and jurisdiction involving state authorities in Sarawak and Sabah, and legal matters referencing courts such as the Federal Court of Malaysia and arbitration venues in Singapore. Environmental incidents and contract disputes have drawn scrutiny from media outlets including The Star (Malaysia), New Straits Times, and regional business press like The Edge Malaysia and Bloomberg. Litigation has sometimes involved counterparties with ties to Transocean, TechnipFMC, and regional contractors, and raised questions examined by parliamentary committees in Dewan Rakyat.
Category:Oil and gas companies of Malaysia