Malaysia's Petronas Posts Q3 Profit, Warns of Continuing Market Volatility

Mei Mei Chu
Wednesday, November 30, 2022

 Malaysia's state energy firm Petroliam Nasional Berhad, or Petronas, on Wednesday posted a near doubling of its third quarter profit and warned of continuing volatility in oil and gas prices. 

The company reported a profit of 30.8 billion ringgit in the July-September period, compared with a profit of 16.3 billion ringgit in the same quarter a year ago. 

Revenue rose 61% to 99.2 billion ringgit, thanks to favourable prices for major products and the impact of the exchange rate. 

"Oil and gas prices will remain volatile, influenced by intensifying geopolitical and economic headwinds," Petronas said in its financial report. 

Chief executive Tengku Muhammad Taufik said the firm is taking deliberate steps to unlock new value from its core portfolio with a focus on decarbonisation. 

Petronas will also pursue attractive opportunities in cleaner energy solutions, he added. 

(Reuters - Reporting by Mei Mei Chu; Editing by Kanupriya Kapoor)

Categories: Finance Energy Industry News Activity Production Asia

Related Stories

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

Shell’s Brazil-Bound FPSO Starts Taking Shape

MDL Secures Cable Laying Job in Asia Pacific

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

CNOOC Brings Online Another Oil and Gas Project in South China Sea

China Starts Production at Major Oil Field in Bohai Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com