The Grand Old Lady is the first oil well in Malaysia and represents the beginning of the petroleum history of Miri which is almost a century old, since 1910. As one of Sarawak's most important historical monuments, this oil well though no longer in production, has been declared a protected historical site by the Sarawak Government. This landmark stands 30 metres high, located on top of Canada Hill and overlooking Miri. The growth of the oil industry has helped transform Miri from a small fishing village at the turn of the 20th century into a modern and prosperous town today.

The first derrick constructed was affectionately called 'The Grand Old Lady' and produced oil for 62 years. Next to the Grand Old Lady, the Petroleum Museum exhibits photographs and information relating to the petroleum industry.

This museum cum information centre is a joint-venture between Shell Malaysia and Petronas. At the rear of the museum, the parking lot also serves as a vantage point overlooking Miri town. The view from Bukit Telaga Minyak offers a panorama spinning across to the Miri-Brunei border and the offshore oilrigs and the refineries in nearby Lutong town.