The joint venture between Brunei Shell Petroleum (BSP) and Mitsubishi Corporation has also expanded into ownership of LNG carriers and deepwater upstream oil and gas exploration.
[8] It was officially founded in December 1969, with the Government of Brunei, Shell Overseas Holdings, and Mitsubishi Corporation signing a joint venture agreement in January 1970.
[9][7] Brunei's gas industry saw significant growth with the opening of the LNG plant in Lumut by Sultan Hassanal Bolkiah on 4 April 1973,[10] the first facility of its kind in the Western Pacific.
[10] In 1993, the LNG plant underwent a B$500 million renovation to extend its operational life, coinciding with the extension of the SPA with Japanese companies for an additional 20 years.
[13] The following year, BLNG was the first LNG plant to undergo significant refurbishment, replacing instrumentation and raising safety standards in its loading, storage, and liquefaction facilities.