Petronas to Double Capex to $14 Billion on Project ‘Catch-Up’

August 18, 2022

And when does this trickle down to us bottom feeders?

Dateline 2022-06-09, Bloomberg:

Malaysia’s national oil company Petroliam Nasional Bhd. plans to double its capital expenditure to 60 billion ringgit ($14 billion) this year from 2021, as business activities normalize following the lifting of Covid-era restrictions.

Many of its projects were delayed due to the pandemic and “there’s a lot of catch-up that’s happening this year,” Group Chief Financial Officer Liza Mustapha said in a conversation with MIDF Group’s Managing Director Charon Wardini Mokhzani on Thursday.

Petronas expects to post a “triple-digit” growth in revenue this year amid high oil prices, Liza said. Its first-quarter profit more than doubled to 23.4 billion ringgit from a year earlier on the back of a 50% jump in revenue.

Petronas eyes significant non-O&G revenue amid volatile oil prices — CFO

August 17, 2022

Don’t get me started on whether PETRONAS is taking advantage of its ‘too big to fail’ status and preferred status to overstep its bounds.

Dateline 2022-06-09, The Edge:

Petroliam Nasional Bhd (Petronas) chief financial officer (CFO) Liza Mustapha said on Thursday (June 9) that the Malaysian national oil company needs to have a target where a significant portion of the group’s revenue over the next five to six years comes from something that is not directly related to oil and gas (O&G) to safeguard Petronas from volatile crude oil prices which have risen past US$100 a barrel partly due to Russia-Ukraine war-driven supply concerns.

“Oil prices have gone up so much. About US$16 a barrel in the first quarter of last year, and now it was more than US$100 a barrel in the first quarter of this year. At Petronas, we have to stick to things we can control, because the price of oil is something we cannot control.