The group said the better showing was mainly due to favourable prices for major products aligned with higher benchmark prices. — Bloomberg
On its outlook, the group said oil and gas prices will remain volatile, influenced by intensifying geopolitical and economic headwinds. “The group will continue to focus on delivering safe performance to maximise its cash generators and grow the business portfolio, in line with its three-pronged growth strategy and NZCE 2050 target,” he said.
This was mainly driven by higher production from Malaysia operations, coupled with improved crude oil production from international operations. As for its downstream business, PETRONAS recorded OEE of 82.8% in 3Q22, supported by stable plant operations.
Better diversify before oil wells dry up