Petronas, a Malaysian national oil and gas company, was formed in 1974. As a result, a concession system was changed into production sharing contract system (PSC) between Shell and Petronas. All the foreign oil companies including Shell required to obtain licenses from Petronas. The first two PSCs were signed on 30 November 1976. Foreign oil companies are required to keep not more than 41% of the oil produced until their original costs are recovered. After a return of their investments, the oil companies will keep 30% of the revenue after all operating costs and oil royalties are deducted. Petronas also formed a company named Petronas Carigali Sdn Bhd which was directly involved in the exploration, development, and production of oil and gas in the country. Petronas also initiated the Baram Delta Gas Gathering (Bardegg) project which involves the collection and compression of gas from five fields, namely Betty, Bekor, Baram, Baronia, and West Lutong, located offshore from Miri. This is to ensure the minimisation of gas loss during oil production. Petronas and Shell are also involved in educational outreach activities such as awarding scholarships to deserving students. Both companies are also involved in Malaysian first rig-to-reef project, in an effort to preserve bio-marine life in the sea offshore Miri. In this project, an abandoned offshore platform was made to become part of the Siwa reef. Both companies also started to establish Piasau Nature Reserve in 2014.