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

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

MODEC and Samsung Team Up to Install Carbon Capture Tech on FPSO

CNOOC Brings Online Second Phase of Luda Oil Field Project in Bohai Sea

SLB Names Raman CSO, CMO

ONGC and BP Sign Deal to Boost Production at India's Largest Offshore Oil Field

CNOOC Boosts Dongfang Gas Fields Output with New Platform Coming Online

BP Targets 44% Oil, 89% Gas Increase from India’s Mumbai High Field

ADES’ Fourth Suspended Jack-Up Rig Gets Work Offshore Thailand

Sapura Scoops Petrobras Contract for Pan-Malaysia Offshore Services

Keppel Reclaiming Control of 13 Rigs to Cash In on Offshore Drilling Market's Growth

Current News

Argentina YPF to Shed Offshore Exploration Projects

Cairn India Might Invest in US Oil Servicing Firms to Increase Production

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind

Shell Hires Noble’s Drillship for Work in Southeast Asia

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

CNOOC Discovers ‘Vast Exploration Prospects’ in China’s Beibu Gulf Basin

China Unveils Plans for New Offshore Wind Farms to Tackle Carbon Emissions

Japan and South Korea Look to Partner Up with US for Alaska Pipeline

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