The new extensions would see the forty-year old Onshore Petroleum Mining Agreement and the Consolidated First and Second Offshore Petroleum Mining Agreement continue until the end of 2022.

Representing Shell was BSP Managing Director Mark Carne. Brunei was represented by its Minister of Industry and Primary Resources Pehin Orang Kaya Setia Pahlawan Dato Seri Setia Awang Haji Abdul Rahman Taib.

Awang Haji, in a press conference, explained the importance of the relationship between his country and BSP. "The cooperation between the Government of His Majesty the Sultan and Yang DiPertuan of Brunei Darussalam and BSP in mapping out the course of our oil and gas industry, through constructive discussions and a successful convergence of national policies and corporate objectives, has made us one of the most important producers of oil and gas in the region," said the minister.

Awang Haji praised the extension of the contracts as a sign of the strong bonds between Shell and Brunei and said for the next 19 years, "BSP will continue to play an important role towards the economic well-being of the country."

The minister confirmed that the new agreements would retain some features of the old concessions but also highlighted the "enhanced role BSP will play in helping the government's aspirations through various fields such local business development, Bruneianisation programs, training and community development and others."