This story requires a subscription
This includes a single user license.
The company’s LNG sales rose by 9 percent year-on-year to 35.7 million tonnes last year, compared to 32.90 million tonnes in 2023. Sales also rose compared to 34.23 million tonnes in 2022.
During the first half of 2024, LNG sales rose by 19 percent year-on-year to 17.8 million tonnes, meaning that Petronas sold 17.83 million tonnes in the second half, up by 8.6 percent year-on-year.
Petronas said its gross LNG sales volume increased by 2.75 million tonnes in 2024, mainly driven by higher volume from third-party offtake and better trading opportunities coupled with higher plant production.
The company’s gas business reported revenue of 131.1 billion ringgit ($29.6 billion).
This was higher by 3 percent year over year, mainly due to higher LNG and processed gas sales volume, partially offset by lower average realized prices, according to Petronas.
398 Bintulu LNG cargoes
In 2024, Petronas delivered 398 LNG cargoes, or 25.13 million tonnes, from the giant 30 mtpa Bintulu LNG export facility in Sarawak.
This is down by 5 cargoes compared to 403 shipments in 2023.
The Bintulu plant, which has shipped more than 12,000 LNG cargoes since it started operations back in 1983, consists of nine trains and supplies key demand centers such as Japan, South Korea, China, and Taiwan.
The LNG complex includes MLNG Satu, MLNG Dua, MLNG Tiga, and the most recent Train 9 which started commercial operations in 2017.
In November 2024, Petronas lifted the force majeure on gas supplies to Malaysia LNG Dua’s facility.
FLNG
Besides the onshore facilities, Petronas continues to expand its FLNG business and it awarded the engineering, procurement, construction, commissioning (EPCC) contract for the nearshore floating LNG project in Sabah in 2023.
Japan’s LNG engineer JGC and South Korea’s Samsung Heavy are building the third floating LNG producer for Petronas and the unit will have capacity of 2 mtpa. It is scheduled for completion in 2027.
Upon completion, the nearshore LNG plant will increase Petronas’ LNG production from floating LNG facilities from 2.7 mtpa to 4.7 mtpa.
Currently, Petronas operates two floating LNG facilities, namely the 1.2 mtpa PFLNG Satu, and the 1.5 mtpa PFLNG Dua, both located offshore Sabah.
Petronas has delivered 36 LNG cargoes, or 2.17 million tonnes, from these two floating LNG producers in 2024.
This is two cargoes less compared to 2023.
Profit down
Petronas reported a profit of 55.1 billion ringgit ($12.42 billion) in 2024, down 32 percent year-on-year primarily due to the lower average realized prices, the company said.
The company recorded 320 billion ringgit in revenue, a decrease of 7 percent from the previous year, due to lower average realized prices, negated by higher sales volume.
Petronas recorded Ebitda of 114.1 billion ringgit, in line with lower profits.
“The energy industry dynamics in 2024 were shaped by geopolitical instability, evolving policies and regulations, and economic uncertainties, significantly impacting oil and gas prices,” the company said.
“As we look ahead to 2025, Petronas is strategically positioned to meet rising energy demands while ensuring supply security,” it said.