The Malaysian state-owned oil and gas company Petronas has released its 2023 results, posting a profit after tax of MYR80.7bn (US$17.2bn), a 21% decrease compared to 2022. During the course of 2023, Petronas achieved first hydrocarbon for 28 projects, achieved a final investment decision (FID) for 21 projects and made 24 oil and gas discoveries in Malaysia and abroad.
The group produced 2,431 kboe/d of oil and gas in 2023 (stable compared to 2022), including 1,581 kboe/d of natural gas and 850 kboe/d of oil and condensate (-1%). Petronas’ LNG sales volume reached 32.9 Mt in 2023 (-4%). In addition, in the downstream segment, overall marketing sales volume rose by 5.6% to 26.3 billion litres, thanks to improved demands within the domestic retail and commercial segments (-6% for crude oil sales but +15% for oil products sales). Finally, the company’s global renewable capacity in operation and under development reached 2.9 GW at end-2023 (+81%, thanks to the acquisition of a 49% ownership in Northland Power Inc’s stake of the Hai Long project located in Taiwan).