Page 9 - AsianOil Week 22 2022

AsianOil SOUTHEAST ASIA AsianOil

Petronas’ first-quarter profit

up 154% year on year

PERFORMANCE MALAYSIA’S Petronas reported this week that Brazil and one in South Sudan.
its net profit for the first quarter of 2022 had “While Petronas’ performance in this quar-
come in at MYR23.4bn ($5.3bn), up 154% on ter has greatly benefited from an elevated price
net profit of MYR9.2bn ($2.1bn) a year ago. The environment, it also clearly demonstrates the
result is in line with a global trend of oil and gas disciplined delivery of our core and growth strat-
companies benefiting from rising commodity egy,” stated Petronas’ president and group CEO,
prices and reporting significantly higher profits Datuk Tengku Muhammad Taufik. “Despite a
for the start of this year. degree of recovery and growth expected with the
Petronas’ revenue for the first quarter was reopening of economies, Petronas will continue
MYR78.8bn ($18.0bn), up year on year from exercising prudent financial management and
MYR52.2bn ($11.9bn). The company’s produc- a firm focus on reinvesting, given our cautious
tion for the quarter rose 3% y/y to 2.5mn bar- outlook amid volatile geopolitical conditions
rels of oil equivalent per day (boepd). Petronas and accelerated energy transition.”
attributed this mainly to higher output from its In line with its energy transition goals, Pet-
international operations, as well as higher gas ronas said its upstream had recorded a 29% y/y
production spurred by rising demand both in reduction in greenhouse gas (GHG) emissions
Malaysia and internationally. It noted, though, in the first quarter of 2022. This follows the exe-
that the result had been partially offset by lower cution of multiple emissions reduction projects,
crude output in Malaysia. it said. The company reiterated its goal of posi-
The company had an active quarter, with six tioning Malaysia as a carbon capture and storage
projects achieving first production, and six final (CCS) hub, citing several memoranda of under-
investment decisions (FIDs) on new develop- standing (MoUs) signed with partners on CCS
ments. Of these, four were in Indonesia, one in initiatives over the first quarter.™

EAST ASIA

CNPC targets long-term shift

to cleaner energies

ENERGY STATE-OWNED China National Petroleum around CNY2.2bn ($330mn) on new energy in
TRANSITION Corp. (CNPC) has said that it will target clean 2021, and while it intends to double this in 2022,
energies making up half its output by 2050 as the that still falls considerably short of the $2-3bn
country works towards achieving carbon neu- per year that Shell is intending to spend on the
trality by 2060. energy transition.
The target was referenced in CNPC’s environ- All of China’s state-owned giants are having
mental protection report, which it published on to adjust their energy transition strategies in
its website this week. The company said it wants response to Beijing setting its net-zero target
half of its output by 2050 to consist of energy in 2020. PetroChina and Sinopec are targeting
forms comprising hydrogen, geothermal and net-zero emissions from their operations by
clean power. 2050, while CNOOC Ltd is aiming for 2060, in
Additionally, CNPC is aiming to cut methane line with the national goal. The push to decar-
emissions from its operations. It had previously bonise includes a growing shift towards natural
set a target of halving its methane intensity by gas, while Sinopec is also expanding its hydro-
2025 compared with 2019 levels. In the environ- gen operations and CNOOC is investing into
mental protection report, it said would also aim offshore wind.
for a further 20% cut by 2035 compared with However, the net-zero targets the Chinese
2025 levels. companies are pursuing do not include Scope
CNPC’s listed arm, PetroChina, said in 3 emissions, or those emissions generated by
March that it will also aim for new energies to end-use of their products by customers, which
make up half of its production by 2050. Bloomb- account for the largest proportion of their car-
erg noted that thus far, PetroChina is trailing bon footprints. Not including Scope 3 emissions
European super-majors when it comes to spend- in decarbonisation targets makes it easier to keep
ing on the energy transition. PetroChina spent producing oil and gas up to 2050 and beyond.™

Week 22 03•June•2022 www. NEWSBASE .com P9