The Group’s oil and gas interest is through 95%-owned Genting Oil and Gas Limited (“GOGL”). GOGL currently produces oil from an oilfield onshore China, and is exploring for both oil and gas in Indonesia. The division is actively seeking new oil and gas exploration and production related opportunities in the Asian and African regions.

In 1999, this division signed a Petroleum Contract with Sinopec for the development of the Zhuangxi Buried Oilfield in Shandong, China. Oil production from this field has been significantly enhanced through the use of new drilling and via the deep emplacement of high temperature submersible electric pumps.

In 2001, this division sold its 45% interest in the Muturi Production Sharing Contract (“PSC”), Indonesia (which was acquired in 1996) to BP Global Investments Ltd for US$106.8 million and retained long-term rights to a deferred share of future pre-tax monthly income from the PSC. The gas reserves in the Vorwata Field, Muturi form part of the Tangguh Liquefied Natural Gas Project in Irian Jaya (West Papua), Indonesia.

In 2004, this division signed two new PSCs for blocks in West Natuna, Indonesia on the border with Malaysia. These are the Anambas Block, where gas prospects have been identified, and the N W Natuna Block where an oil accumulation and other oil and gas prospects have been identified.