Petronas output increases in H1

Malaysian energy company Petronas reported August 27 that total production during the first half of the year increased 4% over the same period in 2020, due in part to higher demand.

Petronas recorded daily average production of 2.34mn barrels of oil equivalent (boe) per day during the first half of 2021, an increase from the 2.25mn boe/d during H1 2020. The company attributed the growth to higher demand both in the Malaysian and international markets.

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“Petronas’ solid performance was attributable to our response in enabling continued operational excellence during a period of favourable market conditions in the first half of 2021,” CEO Tengku Muhammad Taufik said.

The company delivered more than 11,790 cargoes of LNG from its facility in northern coastal city of Bintulu during the period. As with production, gas sales improved due to higher demand in 2021.

Petronas earlier this month delivered its maiden carbon-neutral LNG cargo to Japanese utility Shikoku Electric. Petronas offset the estimated life cycle carbon footprint of the LNG cargo through renewables-based carbon credits for the emissions generated from upstream gas exploration and production, transportation, liquefaction and shipping of the cargo.

First half revenue of $26.1bn marked a 17% increase from H1 2020, an increase the company attributed to higher sales volumes. Ebitda of $10.9bn was 57% higher than the same period last year.

Cash flow from continuing operations through June 30 was $7.8bn, a 24% improvement over the same period last year.

“The oil and gas industry has seen a recovery in price and demand following the reopening of key economies globally,” the company added. “Nevertheless, the anticipated rise in oil supply and fresh lockdowns triggered by the emergence of new COVID-19 variants may impact the price and demand recovery.”