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.
Малайзия · 1974-10-01