[2] Established in 2012 as PB Trading Sdn Bhd, it was previously a subsidiary of Brunei National Petroleum Company Sendirian Berhad, also known as PetroleumBRUNEI.

Under the new regime, these companies in turn granted the government a percentage interest in any crude oil or natural gas discovered.

[citation needed] Offshore exploration and development in Brunei waters largely ceased in 2003 after Malaysia disputed the exact maritime boundaries between the two nations.

[5] In October 2013, China National Offshore Oil Corporation and PetroleumBRUNEI established a joint venture to provide oilfield services.

A change in the Malaysian government led to new leadership dissatisfied with the percentage of profits received by Malaysia from the newly created Commercial Arrangement Area.