Malaysia’s Petronas says LNG sales, profit up in Q3

Malaysian energy giant Petronas reported a rise in its third-quarter liquefied natural gas (LNG) sales while its profit rose on the back of higher oil and gas prices.

Total LNG sales during July-September rose 13.1 percent year-on-year to 8.51 million tonnes. This compares to 7.52 million tonnes in the third-quarter last year and 8.44 million tonnes in the prior quarter.

“Gross LNG sales volume increased by 0.99 million tonnes mainly due to higher plant production in line with higher demand,” Petronas said in its quarterly report released on Wednesday.

During the January-September period, the company’s LNG sales volumes reached 25.33 million tonnes, a rise of 3 percent when compared to 24.60 million tonnes in the same period last year.

301 Bintulu LNG cargoes

During the nine-month period, Petronas delivered 301 LNG cargoes from the giant 30 mtpa Bintulu LNG export facility in Sarawak, and completed 1943 virtual pipeline system and LNG bunkering deliveries.

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.

In October, Petronas declared force majeure on gas supply to Malaysia LNG Dua’s facility at the Bintulu LNG complex. The move followed a pipeline leak caused by soil movement.

MLNG Dua operates the second liquefaction facility as part of the complex.

The Bintulu LNG complex includes MLNG Satu, MLNG Dua, MLNG Tiga, and the most recent Train 9 which started commercial operations in 2017.

33 cargoes from floating LNG producers

Besides the onshore facilities, Petronas continues to work on its FLNG business.

It shipped the first cargo in March last year from its second floating LNG producer located in the Rotan gas field, offshore Sabah.

The 1.5 mtpa PFLNG Dua joined the 1.2 mtpa PFLNG Satu located offshore Sabah as well.

Petronas said it had delivered 33 LNG cargoes from these two floating LNG producers during the January-September period.

On top of these these two FLNGs, Petronas also plans to build a third unit and it has awarded two front-end engineering design (FEED) contracts for the nearshore FLNG project in Sabah.

Profit, revenue up

Petronas reported profit of 30.8 billion ringgit ($6.92 billion) for the third quarter, compared to 16.3 billion ringgit in the year before.

Profit more than doubled from 35.1 billion ringgit in the nine-month period last year to 77.1 billion ringgit this year.

Revenue increased 61 percent to 99.2 billion ringgit in the third quarter while it increased 58 percent to 271.3 billion ringgit in the January-September period.

Petronas said oil and gas prices would “remain volatile, influenced by intensifying geopolitical and economic headwinds.”

“In the face of the unprecedented global energy crisis, Petronas will focus on safely delivering commercial and operational excellence,” the firm said.

- Advertisements -

Most Popular

Sarah Bairstow named as CEO of Mexico Pacific

Mexico Pacific, the developer of the planned 15 mtpa Saguaro Energia LNG export project, has appointed Sarah Bairstow as...

India’s Chhara LNG terminal gets first cargo

India’s Hindustan Petroleum, a unit of state-owned ONGC, has received the first cargo of liquefied natural gas at its...

CNOOC to supply LNG cargo to First Gen’s Batangas FSRU terminal

Power producer First Gen has awarded a contract to a unit of China's state-owned energy giant CNOOC to supply...

More News Like This

Petronas: steel cut for third FLNG in South Korea

South Korea's Samsung Heavy Industries has officially started building the third floating LNG production unit for Malaysian energy giant...

Argentina’s YPF launches engineering tender for floating LNG units

Argentina’s state-owned oil and gas company YPF launched a tender for engineering work for floating LNG units as part...

Malaysia’s Petronas logs lower LNG sales in 2023

Malaysian energy giant Petronas reported a drop in its 2023 liquefied natural gas (LNG) sales, while its profit decreased...

YPF expects FID on first phase of Argentina LNG project in 2025

Argentina’s state-owned oil and gas company YPF expects to take a final investment decision on the first phase of...