Petronas 3Q Profit Up 43%

Malaysian state oil and gas firm Petronas’ net profit for the three months to September 30 (3Q 2018) increased 43% year-on-year owing to higher oil and gas prices, it said September 27.

Net profit for the quarter increased to ringgit 14.3bn ($3.41bn) from ringgit 10bn in the corresponding quarter last year and revenue rose 19% to ringgit 63.9bn.

Total production was 2.313mn boe/day for the first nine months of 2018 as compared to 2.296mn boe/day in the same period in 2017, mainly due to higher liquid production, Petronas said. LNG sales volume during 9M 2018 dropped by 1.12mn mt to 20.79mn mt. The company said it has secured six LNG business deals this year, which contribute 3.68mn mt/yr to its business portfolio.

Regarding full-year performance, the company said that it expects to show an improvement compared to the previous financial year.