Petroleum Development Act 1974, No. 144 Country/Territory Malaysia Document type Legislation Date 1974 Source FAO, FAOLEX Long titleAn Act to provide for exploration and exploitation of petroleum whether onshore or offshore by a Corporation in which will be vested the entire ownership in and the exclusive rights, powers, liberties and privileges in respect of the said petroleum, and to control the carrying on of downstream activities and development relating to petroleum and its products; to provide for the establishment of a Corporation under the Companies Act, 1965 or under the law relating to the incorporation of companies and for the powers of that Corporation; and to provide for matters connected therewith or incidental thereto. Subject Mineral resources Keyword Oil Mining Exploration Institution Authorization/permit Geographical area Asia, Asia and the Pacific, East Asian Seas, South-Eastern Asia Abstract This Act makes provision in matter of exploration and exploitation of petroleum whether onshore or offshore. Moreover, it provides for the control of the carrying on of downstream activities and development relating to petroleum and its products. The entire ownership in, and the exclusive rights, powers, liberties and privileges of exploring, exploiting, winning and obtaining petroleum whether onshore or offshore of Malaysia shall be vested in a Corporation to be incorporated under the Companies Act 1965, or under the law relating to incorporation of companies (sect. 2). The Corporation is set up under Section 3. Section 5 provides for the establishment of the National Petroleum Advisory Council. Section 6 prescribes the prior issue of the Prime Minister’s permission for downstream operations. Full text English References - Legislation Implemented by Petroleum Regulations 1974, PU (A) 432/1974 Legislation | Malaysia | 1974 Keyword: Oil, Data collection/reporting, Offences/penalties, Exploration, Authorization/permit, Mining Source: FAO, FAOLEX