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Oil & Gas

Petronas must future-proof itself, chief executive says

Petronas has no choice but to future-proof itself to enable the company to deliver sustainable value both as a national oil company and global energy player, according to chief executive Tengku Muhammad Taufik.

“To this end, we must remain resolute in providing energy that is secure, affordable and accessible towards uplifting communities and supporting countries to achieve their net zero ambitions,” he said.

“Petronas is determined to do this steadfastly through stronger partnerships with our stakeholders, partners, local OGSE [oil and gas services and equipment] players and customers across the globe.”

The Malaysian energy giant posted an after-tax profit of 101.6 billion ringgit ($22.7 billion) for 2022 — almost double the previous year — on revenues of 375.3 billion ringgit, up 51% from 2021, on the back of favourable realised prices for its oil, gas and liquefied natural gas in tandem with higher benchmark prices during the year.

Last year saw 405 cargoes shipped from the Petronas LNG Complex at Bintulu, Sarawak, and a further 43 cargoes delivered from the PFLNG Satu and PFLNG Dua floating LNG vessels deployed offshore Sabah, also in East Malaysia.

Revenues from outside Malaysia, including Petronas’ LNG exports and international sales accounted for 74% of the company’s revenues in 2022.

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Last year, Petronas’ capital investments totalled 50.1 billion comprising upstream and downstream ventures.

For the fourth quarter, revenues improved year on year to 105.9 billion ringgit while profit after tax for the three months ended 31 December 2022 was 24.4 billion ringgit.

While Petronas enjoyed a bumper 2022, this year could potentially see oil and gas prices moderating given the anticipated economic slowdown, the state player noted.

On Monday, Petronas said that moving forward it will continue “to exercise prudent financial management and firm discipline in reinvesting to provide the energy security needed today and for a just and responsible transition”.

“While 2022 enabled us to favourably capitalise on oil and gas upsides, last year also signalled heightened supply-demand volatility driven by sudden shifts in the market and an accelerated energy transition,” Taufik added.

“Even as we progress with relatively steadier footing, Petronas will continue strengthening its integrated value chain with a sharper focus on commercial and operational excellence. The group is focused on the disciplined delivery of our three-pronged growth strategy and net-zero carbon emissions by 2050 aspiration combined with prudent management of our financial commitments and debt obligations.”

Last year, Petronas reduced its domestic flaring and venting by 20% including at four fields that achieved zero routine venting, which contributed to 660,000 tonnes of carbon dioxide equivalent of venting reductions.

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