Malaysia’s Petronas has reported a near doubling of its third quarter profit and warned of continuing volatility in oil and gas prices on Wednesday.
The Malaysian-state backed energy company posted a profit of 30.8 billion ringgit in the July-September period, compared with a profit of 16.3 billion ringgit in the same quarter a year ago.
Revenue rose 61% to 99.2 billion ringgit, largely due to favourable prices for major products and the impact of the exchange rate.
“Oil and gas prices will remain volatile, influenced by intensifying geopolitical and economic headwinds,” Petronas said in its third-quarter financial report.
Chief executive Tengku Muhammad Taufik said Petronas is taking deliberate steps to unlock new value from its core portfolio with a focus on decarbonisation. Petronas will also pursue attractive opportunities in cleaner energy solutions, he added.
Earlier this week, Petronas announced that it has taken a final investment decision (FID) for the development of its giant Kasawari carbon capture and storage (CCS) project offshore Sarawak in Malaysia. Significantly, it will be one of the first large scale CCS schemes in Southeast Asia and takes Malaysia closer to its goal of becoming a regional hub for carbon storage solutions.