Petronas sees profits soar
来源:    发布时间: 2011-06-09 17:06   4371 次浏览   大小:  16px  14px  12px
Malaysia’s state oil company Petronas saw a rise in annual, despite a fall in output, on higher oil and gas prices.

The company posted a full year profit of 63 billion ringgit ($20.9 billion) for the 12 months to 31 March, up from 45.5 billion ringgit a year earlier.

Revenues for the financial year also rose, from 210.8 billion ringgit the previous year, to 241.2 billion ringgit.

The rise in revenues was driven by a net gain of 9.2 billion ringgit from the listing of two of its business units during the year as well as a rise in oil and gas prices.

Higher commodity prices saw revenues from the company’s exploration and production segment jump to 93.2 billion ringgit for the year, compared to 81.5 billion ringgit for the financial year ended 31 March 2010.

The higher oil and gas prices helped offset a decline in output which averaged 2.1 million barrels of oil equivalent per day, down from the previous year’s average of almost 2.3 million boepd.

Petronas reported oil and condensate production fell from 922,000 boepd to 879,000 boepd over the recent financial year due to natural field depletion and lower reservoir performance.

The company also said gas production slipped from about 209 million cubic metres per day to 194.6 MMcmd due to the expiry of a service contract relating to its operations in Iran and natural reservoir depletion in Egypt.

However it added the decline in natural gas production was partially offset by higher output from its Malaysian operations due to higher offtake from customers.

Looking forward Petronas said it expected to a deliver a “satisfactory performance” for the current financial year despite geopolitical and economic risks as well as rising costs.