Petroliam Nasional Berhad (National Petroleum Limited), commonly known as Petronas, is a Malaysian oil and gas company. Established in 1974 and wholly owned by the Government of Malaysia, the corporation is vested with all oil and gas resources in Malaysia and is entrusted with the responsibility of developing and adding value to these resources. In the 2017 Forbes Global 2000, Petronas Gas was ranked at 1881st. Petronas also ranked 48th globally in the 2020 Bentley Infrastructure 500. Since its incorporation, Petronas has grown to be an integrated international oil and gas company with business interests in 35 countries. As of the end of March 2005, the Group comprised 103 wholly owned subsidiaries, 19 partly owned outfits and 57 associated companies. The Financial Times has identified Petronas as one of the "new seven sisters": the most influential and mainly state-owned national oil and gas companies from countries outside the OECD. The group is engaged in a broad spectrum of petroleum activities, including upstream exploration and production of oil and gas to downstream oil refining; marketing and distribution of petroleum products; trading; gas processing and liquefaction; gas transmission pipeline network operations; marketing of liquefied natural gas; petrochemical manufacturing and marketing; shipping; automotive engineering; and property investment. Petronas provides a substantial source of income for the Malaysian government, accounting for more than 15% of the government’s revenue from 2015 to 2020. The company is headquartered at the Petronas Towers. History Before the formation of Malaysia, Royal Dutch Shell first began the oil exploration in Miri, Sarawak; after Charles Brooke signed the first Oil Mining Lease in 1909. In 1910, the first oil well was drilled in Miri. This oil well is later known as the Grand Old Lady. In 1929, oil was discovered in Brunei. There were no other drilling activities in Borneo or British Malaya until 1950s. In 1966, the enactment of Petroleum Mining Act gave Exxon and Shell rights to explore oil territories and produce oil royalties and tax payments to the government. In the late 1960s, Esso and Continental Oil were given concessions to explore oil off the shores of the east coast of Peninsular Malaysia. By 1974, Malaysia's output of crude oil stood at about to . Setting up a state oil and gas company: 1970s Several factors converged in the early 1970s to prompt the Malaysian government into setting up a state oil and gas company. In 1972,