Page 14 - AsianOil Week 48 2021

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Deputy of Planning for SKK Migas Benny can successfully play its role when Indonesia The improved performance was attributed
Lubiantara said the reserves were obtained enters the energy transition period, while to the higher commodity prices, underpinned
through drilling two delineation wells, Singa remaining committed to reducing carbon by the rebound in energy demand as key
Laut (SL)-2 and Kuda Laut (KL)-2. emissions. economies recover from the impact of the
“In 2014, Premier Oil drilled exploration “We are still discussing the details of the COVID-19 pandemic.
wells with two legs targeting the hydrocarbon policy,” said Finance Minister Sri Mulyani For the first nine months of the
potential in the SL-1 structure and the KL-1 when speaking on the second day of The 2nd year, the Group recorded an improved
structure. These two wells found potential International Convention on Indonesian revenue of RM171.4 billion, an increase
for oil and gas from the Gabus, Charcoal, Upstream Oil and Gas 2021 (IOG 2021), of 27 per cent from RM134.7 billion
and Lower Reef Formation. Hydrocarbon Tuesday (30/11). in the corresponding period last year.
potential of the structure SL and KL was then IOG 2021 is an international convention This was predominantly attributable to
reconfirmed by drilling two wells delineation organized by the Special Task Force for favourable average realised prices for
SL-2 and KL-2 in 2021, “he said on the Upstream Oil and Gas Business Activities major products coupled with higher
sidelines of the 2 nd International Convention (SKK Migas) in order to support the sales volume, mainly for liquefied
on Upstream Oil and Gas 2021, Tuesday (30 / achievement of a common vision, namely natural gas (LNG) and sales gas.
11/2021). the oil production target of 1 million barrels Earnings Before Interest, Tax, Depreciation
Benny added, since the beginning SKK per day (BOPD) and gas production of 12 and Amortisation (EBITDA) rose 67 per cent
Migas has categorized these two wells into key billion cubic feet per day. (BSCFD) in 2030. to RM72.4 billion from RM43.4 billion, in line
wells in 2021. “The success of these two wells The topic of energy transition became one with higher revenue recorded.
will open up opportunities for discovering of the discussion materials that attracted the The Group recorded a Profit After Tax
other hydrocarbons in the area that can help attention of convention participants. (PAT) of RM35.2 billion, a more than 100 per
the government’s target to achieve production Sri Mulyani said, Indonesia is targeting cent increase from the Loss After Tax (LAT)
of 1 million BOPD (barrels of oil per day). economic growth of 3.5 to 4 percent in 2021 of RM19.9 billion in the corresponding period
and 12 BSCFD (billion standard cubic feet per and 2022. This is expected to be achieved last year, in tandem with higher EBITDA
day) of gas in 2030,” he said. through contributions from increasing coupled with lower net impairment losses on
SKK MIGAS, December 1, 2021 production of the upstream oil and gas assets.
industry considering that the majority of Cash Flows from Operating Activities
Indonesia reviews fiscal industries in Indonesia are still oil and gas (CFFO) stood at RM54.5 billion, up by 67 per
cent from RM32.6 billion, in line with higher
based.
support for upstream SKK MIGAS, December 1, 2021 cash operating profit.
Total assets increased to RM618.9 billion as
The Ministry of Finance and the Ministry Petronas records strong Q3 at 30 September 2021 compared to RM574.1
of Energy and Mineral Resources (ESDM) billion as at 31 December 2020.
are coordinating to improve the fiscal results Shareholders’ equity increased to RM337.5
term of upstream oil and gas (oil and gas) billion compared to RM330.6 billion as at 31
in Indonesia, so as to result in reform of Petronas has recorded a profit after tax (PAT) December 2020, mainly attributable to profit
upstream oil and gas contract regulations that of RM35.2 billion for the first nine months of recorded during the period.
can encourage increased production. This is 2021, on the back of a revenue of RM171.4 Capital Investments (CAPEX) amounted
done so that the upstream oil and gas industry billion. to RM20.4 billion, mainly attributed to
Upstream projects.
For the third quarter ended 30 September
2021, the Group recorded a revenue of
RM61.8 billion, an increase of 50 per
cent from RM41.1 billion recorded in the
corresponding quarter last year, mainly due
to higher average realised prices for major
products. This was partially offset by lower
sales volume mainly from crude oil and
condensates.
EBITDA registered an 88 per cent growth
to RM26.3 billion from RM14.0 billion in the
corresponding quarter last year, in line with
higher revenue.
The Group registered a PAT of RM16.3
billion from the LAT of RM3.4 billion in
the corresponding quarter last year, in
tandem with higher EBITDA and lower net
impairment losses on assets.
CFFO more than doubled to RM21.8
billion from RM6.3 billion, in line with higher
cash operating profit and positive working
capital movement.
PETRONAS, November 30, 2021

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