Malaysian state-run oil and gas company Petroliam Nasional Berhad (Petronas) has reported a significant leap in revenue (+12%) for 2018 due to higher average realised prices for all its products. However, the total LNG sales volumes decreased by 6% (1.8 Mt) throughout the year to 28.9 Mt, mainly due to the lower volumes from LNG plants.
The company secured 10 LNG sales and purchase agreements (SPAs) during the year, corresponding to a total volume of 5.8 Mt. In particular, a 20-year SPA for 1.1 Mt/year was signed in December 2018 with Cheniere Energy's regarding production from the sixth train of the Sabine Pass liquefaction project in the United States. The 27 Mt/year Sabine Pass project will accommodate up to six LNG trains capable of processing over 4.5 Mt/year of LNG. The fifth train is currently under construction and is scheduled to enter commercial service mid-2019.
As for the company's upstream business segment, the total hydrocarbon production volumes totalled 2,361 kboe/d (+1.8%), mainly due to increased production from Iraq and Turkmenistan. Gas sales volumes in Malaysia rose by 3.1% mainly due to the growing domestic demand.