The Malaysian company Petronas has published its 2016 financial year results. The Group's profit increased by 12% mainly thanks to lower OPEX and tax expenses (US$5.2bn). The company's CAPEX decreased in 2016 by 22% to RM50.4bn (US$11.3bn). Petronas revenues dipped by 17% and this figure reflects the lower average prices and the lower sales volumes.
Petronas' total hydrocarbon production rose by 3% to 2,363 kboe/d in 2016, thanks to the resumption of operations of the Sabah-Sarawak gas pipeline, higher facilities uptime in Malaysia and Canada, and higher production from Malaysia, Indonesia and Australia. Petronas acquired four international blocks in 2016 (two in Mexico and two in Myanmar) and commissioned the PFLNG Satu and Train 9 at Bintulu in Malaysia. Higher LNG production from Train 9 in Bintulu and GLNG in Australia contributed to the 1.8% increase in LNG third-party sales to 29 Mt (partially offset by lower trading volume). Average sales gas volume for Malaysia increased in 2016, in line with higher demand.
In the downstream segment, the utilisation rate of Petronas' refineries in Malaysia stood at 90.5% in 2016. Total petroleum products sales volume was 268.1 mbl (-5.1%), while crude oil sales volume was 189.3 mbbl (-11.5%).