PETROLIAM Nasional Bhd, Malaysia’s state oil company, said fiscal first-half profit jumped 46 per cent because of increased overseas production and higher crude oil prices.
Net income in the six months ended September 30 climbed to RM42.7 billion (US$12 billion) from RM29.3 billion a year earlier, Petronas, as the company is known, said on its website. Sales rose 53 per cent to RM157.2 billion.
Petronas, benefiting from oil prices which jumped 25 per cent in the year to September 30, more than doubled its spending on exploration and production in the fiscal first half.
Revenue from crude oil production climbed 18 per cent to RM28.2 billion while revenue from gas output gained 1.7 per cent to RM2.7 billion. Sales of liquefied natural gas jumped 14 per cent to RM22.7 billion.
International operations brought in sales of RM68.9 billion, up 44 per cent from a year earlier, the biggest contributor to company revenue.
Petronas’s total oil and gas output climbed 1.4 per cent to the equivalent of 1.78 million barrels of oil a day. Domestic output accounted for 65 per cent of production while the rest came from international operations.
The explorer produces oil and gas in Malaysia, Vietnam, Myanmar, Indonesia, Sudan, Iran, Chad, Egypt, Pakistan and Turkmenistan.
Petronas’s total reserves fell 0.5 per cent to the equivalent of 26.37 billion barrels of oil equivalent and the company replaced its reserves 0.9 times during the year to January 1, 2008, down from 1.8 times a year earlier.
Petronas has operations in more than 33 countries including Iran, Sudan, Myanmar, Vietnam and South Africa.
Meanwhile, Deputy Minister in the Prime Minister’s Department Devamany S.Krishnasamy said Petronas’ investments overseas are not affected despite the fall in global oil prices.
He said Petronas had undertaken detailed planning with regard to its investments.
“Petronas’ investments overseas are very stable as a result of this detailed planning,” he told the Dewan Rakyat today. — Bloomberg, Bernama
EMAIL
PRINT
CURRENCY CONVERTER
