Petro Matad Limited engages in oil exploration and exploitation in Mongolia, holding Production Sharing Contracts for Blocks V and XX. The company has transitioned to production operations, notably achieving first oil from the Heron-1 well, while also pursuing renewable energy projects through its investment in Sunsteppe Renewable Energy Pte. Ltd. Its activities are primarily focused in Mongolia, where it serves the local oil market and is involved in the development of energy resources, including both fossil fuels and renewable energy initiatives.