Although Singapore does not produce Oil domestically, local companies have become active in overseas exploration and production. Singapore Petroleum Company Ltd. (SPC), which has been publicly traded on the Singapore Stock Exchange since October 1990, currently holds a 20 percent participating interest in Blocks 102 and 106, located offshore in the Song Hong Basin in the Gulf of Tonkin, Vietnam. In October 2004, the company discovered oil and gas in the first exploration Well, Yentu-1X, in Block 106. In June 2006 SPC and its partners began exploratory drilling in the HaLong-1X well, also in Block 106.

SPC owns a 36 percent working interest in the Sampang PSC, located offshore East Java, Indonesia. The Sampang PSC contains the Oyong oil and gas field, the Jeruk oil discovery, and several exploration prospects. In April 2006, SPC and its partners in the Sampang PSC began drilling the Dukuh-1 exploration well. Also in Indonesia, SPC owns a 15 percent equity stake in the Kakap PSC, an oil and gas producing asset located offshore Indonesia in the West Natuna Sea. In May 2006, SPC announced that it successfully tested Natural Gas and condensate production at the Lukah-1X exploration well in the Kakap PSC.

In August 2005, SPC entered into an agreement with the government of Cambodia for a 30 percent interest in the Block B Petroleum Agreement in the Gulf of Thailand, where SPC and its partners plan to initiate a three-year exploration program beginning in late 2006.