Petroliam Nasional Bhd (Petronas) recorded its own history following its best performance by reaping unexpected profits in 2022.
The national oil company recorded a net profit of RM101.6 billion in the financial year ending 31 December 2022, doubling from RM50.9 billion a year ago.
It also recorded an all-time high revenue of RM375.3 billion last year from RM248 billion previously following a 51.3% increase.
This strengthening was indeed expected following the surge in world oil prices last year due to the war between Russia and Ukraine and increased demand in the post-Covid era.
Petronas Group Chief Financial Officer, Liza Mustapha said 74% of the revenue was obtained through export and international operations.
Petronas recorded an average daily production of 2,434,000 barrels of oil equivalent per day (boe/d) in 2022, higher than 2,275,000 boe/d in 2021.
Among the key drivers is the overall increase in demand for gas in Peninsular Malaysia coupled with realized opportunities and better performance from international operations.
However, Petronas Group Chief Executive Officer, Tengku Muhammad Taufik Aziz warned that the challenges in oil demand fluctuations from last year will continue this year.
Thus, the company sees the potential for prices to moderate in 2023 in line with the expected global economic slowdown.
