Brunei Shell Petroleum
 | |
 BSP Head Office building in Panaga, Seria | |
| Type | Joint venture |
|---|---|
| Industry | Petroleum |
| Predecessor | British Malayan Petroleum Company (1922–1957) |
| Founded | 1 January 1957 |
| Headquarters | Jalan Utara, Panaga, Seria KB2933, Brunei |
Area served | Brunei |
| Key people |
|
| Products | Coal seam gas, liquefied natural gas, natural gas, aviation fuel |
| Revenue |  B$284.3 billion (2024) |
| Owner | Shell plc Government of Brunei |
| Parent | Shell plc |
| Website | www |
Brunei Shell Petroleum (BSP) is a joint venture between the Royal Dutch/Shell Group and the government of Brunei, primarily responsible for the exploration and production of oil and liquefied natural gas (LNG). Originally known as the British Malayan Petroleum Company (BMPC), it was established in 1922 with concessions across Brunei. After early unsuccessful drilling at Labi, BMPC struck oil in Seria in 1929, initiating Brunei's petroleum industry. In 1957, BMPC was restructured as BSP, headquartered locally to reflect Brunei's role in the sector. BSP's discoveries influenced Sultan Omar Ali Saifuddien III's decision not to join Malaysia in 1963, which contributed to Brunei maintaining control over its oil resources and economic independence.
Over the decades, BSP expanded onshore and offshore operations, with the Bruneian government progressively increasing its stake, 25% in 1973 and 50% in 1985. The Petroleum Unit under the Prime Minister's Office, and later the Brunei Oil and Gas Authority, provided regulatory oversight. By the late 1990s, despite the presence of competitors, BSP held the majority of concessions, operating over 10,000 square kilometres (3,900 sq mi) of concessions, most offshore, and continuing to contribute to Brunei's economy and state revenue.
By the late 20th century, BSP had five main businesses. Its core operations covered oil and LNG exploration and production. Brunei Shell Marketing (BSM), set up in 1974, handled domestic sales of petroleum products. The LNG sector included Brunei LNG (BLNG), Brunei Coldgas (BCG), and Brunei Shell Tankers (BST), responsible for liquefaction, marketing, and shipping. BLNG, created in 1969 as a joint venture with the government, Shell, and Mitsubishi, ran the Lumut LNG plant. BCG and BST managed LNG transport and trade. This structure enabled Brunei to supply LNG to the Asia–Pacific region and contributed to the country’s energy sector.