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PETRONAS Doubles-Down on Financial Resilience in 2023 Amid Market Volatility

2024 Media Release - 15 Mar

KUALA LUMPUR, 15 March 2024 – For the financial year ended 31 December 2023, PETRONAS recorded lower revenue of RM343.6 billion, mainly impacted by lower average realised prices. This is partially offset by improved sales volumes mainly from petroleum products and foreign exchange impact.

PETRONAS continues to exercise strict capital discipline and robust portfolio management amid market volatility towards delivering emissions-abated and sustainable energy security.

FY2023 (Analysis against FY2022)

  • Revenue stood at RM343.6 billion mainly due to lower average realised prices for all products in line with declining benchmark prices.
  • PAT stood at RM80.7 billion and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at RM128.6 billion.
  • Cash Flows from Operating Activities (CFFO) stood at RM114.2 billion.
  • Capital Investments (CAPEX) amounted to RM52.8 billion, mainly attributed to Upstream and Gas projects. Domestic CAPEX increased by 41 per cent against last year mainly for investments in the PETRONAS Nearshore Floating LNG Project in Sabah and the Kasawari Gas Field Development and CO2 Sequestration Facilities in Sarawak.
  • Total Assets strengthened to RM773.3 billion as at 31 December 2023.
  • Shareholders’ equity increased to RM443.5 billion as at 31 December 2023 primarily due to profit attributable to shareholders.

Q4 FY2023 (Analysis against Q4 FY2022)

  • Revenue stood at RM91.7 billion due to lower average realised prices for all products in line with declining benchmark prices.
  • PAT decreased to RM16.6 billion and EBITDA stood at RM24.7 billion.
  • CFFO stood at RM38.2 billion.

PETRONAS President and Group CEO, Tan Sri Tengku Muhammad Taufik said:

"PETRONAS delivered resilient performance in 2023 amid a volatile operating environment. As we move forward, the Group will continue to uphold prudent financial management and discipline, as we double down on emissions abatement in our core business and pursue cleaner energy solutions. We remain committed to executing our Energy Transition Strategy even as we strive to ensure operational excellence. Delivering on both fronts will be crucial in order to continue growing the value of our integrated business portfolio.

PETRONAS has developed a clear strategy for the energy transition. This strategy aims to ensure a balanced approach in offering emissions-abated solutions while we lay the foundation for a new energy system. Across the Group, we are making progress in meeting our near-term target of capping emissions at 49.5 mil tCO2e by 2024 in our domestic operations.

As we look ahead, PETRONAS remains determined to continue improving our delivery as a progressive energy and solutions partner. To this end, PETRONAS’ resolve remains unchanged in creating sustainable long-term value for our stakeholders, even as we transition the world towards a lower carbon future.”


The global economy enters 2024 on a weak footing following softer than expected economic performance towards the end of 2023, leading to cautious spending and investments by businesses and consumers. Amid these macroeconomic headwinds, the oil and gas markets face uncertainties due to slower global demand, while supply risks are heightened following increased geopolitical tension in the Middle East and Europe. At the same time, the energy industry is experiencing a shift towards cleaner solutions.

Notwithstanding these challenges, PETRONAS remains steadfast in upholding capital discipline by striking the right balance between strengthening our Core Business1 and capturing opportunities in New Business2, including clean energy solutions, while responsibly managing carbon emissions in line with our Energy Transition Strategy.

As a National Oil Company of Malaysia, PETRONAS is focused on expediting monetisation of resources for energy security responsibly whilst advancing the development of its maiden carbon capture and storage (CCS) project in Kasawari. Additionally, PETRONAS continues to progress towards commissioning its LNG plant in Canada and intensifying value accretive renewables and hydrogen projects.

1Core Business is divided into four main focus areas – Upstream Malaysia, Upstream International, LNG and Downstream.
2New Business encompasses Specialty Chemicals, Carbon Capture & Storage, Bio-Based Value Chain, Renewable Energy, Hydrogen, Green Mobility, Non-Fuel Retails, Advanced Materials and Circular Economy.


Click here to view PETRONAS Group Financial Report

Click here to view PETRONAS Group Financial Operational Report

Refer Appendix for Sustainability & Social Impact and Operational Highlights


Sustainability Highlights

Greenhouse Gas (GHG) Emissions

In 2023, PETRONAS recorded GHG emissions of 45.6 million tonnes of carbon dioxide equivalent (Mil tCO2e) for its Malaysian operations, which is a reduction of 0.9 per cent compared to GHG emissions in 2022 (2022: 46.0 Mil tCO2e). The decrease is contributed by continuous emissions reduction projects from energy efficiency, flaring and venting, and electrification.

PETRONAS is on track to meet its near-term GHG emissions target of capping emissions at 49.5 Mil tCO2e by 2024 from its Malaysia operations, a milestone in the PETRONAS Net Zero Carbon Emissions (NZCE) 2050 Pathway.

During the year, PETRONAS has made several achievements with regards to methane emission management:

  • Successfully gained the Gold Standard for our methane pathway by the Oil and Gas Methane Partnership 2.0, signifying our efforts to strengthen methane measurements, transparency, advocacy and reduction of methane emissions.
  • Signed a collaboration with Japan Organisation for Metals and Energy Security (JOGMEC), with the aim to unlock the potential of cleaner energy production and methane abatement opportunities.
  • Submitted PETRONAS 2024 Activity Report towards the Methane Guiding Principles.
  • Launched the ASEAN Energy Sector Methane Leadership Program, in collaboration with ASEAN energy operators, government agencies, and international organisations.

PETRONAS’ Social Impact Investments

In 2023, PETRONAS contributed over RM850 million towards its social impact efforts, benefitting nearly 3 million people around the world.

The contribution was delivered through 720 programmes, under the themes of Powering Knowledge (Education), Uplifting Lives (Community Well-being and Development), and Planting Tomorrow (Environment).



  • Recorded a total daily production average of 2,431 thousand barrels of oil equivalent (boe) per day in 2023, lower than the 2,434 thousand boe per day recorded for the same period in 2022, mainly due to lower crude oil production from Malaysia.
  • Achieved first hydrocarbon for 28 projects – 21 in Malaysia and seven outside Malaysia.
  • Achieved final investment decision (FID) for 21 projects – 16 in Malaysia and five outside Malaysia.
  • Achieved 24 oil and gas discoveries – 20 in Malaysia and four outside Malaysia.
  • Commenced a new offshore multi-client 2D seismic survey in the northern area of the Straits of Melaka to explore and map the hydrocarbon potential in the open blocks of PM320 and PM321 in October 2023.
  • Signed a Late Life Asset Production Sharing Contract (PSC) with Ping Petroleum Sdn Bhd for the Abu Cluster offshore Peninsular Malaysia on 27 October 2023.
  • Signed a Memorandum of Cooperation (MoC) with Vietnam Oil and Gas Group (PETROVIETNAM) to explore potential collaboration opportunities in the upstream, renewable energy, gas, and downstream sectors in Vietnam on 14 November 2023.
  • Signed the PSCs for Suriname’s offshore Blocks 63 and 64 with Staatsolie on 15 December 2023.
  • Signed a Memorandum of Understanding (MoU) and two Technical Assistance Agreements (TAAs) with PTT Exploration and Production (PTTEP) for the development of PTTEP-operated Blocks SK405B and SK410B located off the coast of Sarawak on 22 December 2023.
  • Signed an MoC with Japan’s Ministry of Economy, Trade and Industry (METI) and JOGMEC to strengthen collaboration on cross-border CO2 transportation for Carbon Capture and Storage (CCS) projects on 6 October 2023.


  • Overall Equipment Effectiveness (OEE) for Gas Business stood at 95.1 per cent across all business segments.
  • Delivered 403 liquefied natural gas (LNG) cargoes from the PETRONAS LNG Complex (PLC) in Bintulu to customers across the globe.
  • Delivered 38 LNG cargoes from PETRONAS’ Floating LNG facilities, PFLNG Satu and PFLNG Dua.
  • Completed 2,214 million standard cubic feet per day (MMscfd) of average sales gas volume delivered in Peninsular Malaysia
  • Completed 6,322 Virtual Pipeline System (VPS) and LNG Bunkering deliveries in Malaysia to remotely located customers and to the marine industry.


  • Downstream recorded improved OEE of 87.2 per cent in 2023, compared to 85.9 per cent recorded in 2022.
  • PETRONAS Chemicals Group Berhad’s (PCG) production and sales volumes were higher year-on-year at 10.4 million metric tonnes and 9.6 million metric tonnes3 respectively. Its plant utilisation (Nexant) was stable at 84.8%4 despite unscheduled plant shutdowns, planned turnaround and maintenance works.
  • Overall marketing sales volume stood at 26.3 billion litres this year, a 5.6 per cent increase from the 24.9 billion litres registered in the preceding year mainly driven by improved demands within the domestic retail and commercial segments, resulting in the highest ever sales volume for PETRONAS Dagangan Berhad.
  • PCG has reached the FID to construct an advanced chemical recycling plant in Pengerang, Johor, to convert end-of-life plastics into pyrolysis oil, that can be used for the production of circular plastics. Targeted to be operational by first half of 2026, the project enables PCG to support the nation’s aspiration in phasing out single-use plastics while fulfilling the growing demand from major brands for sustainable packaging.
  • PETRONAS and Idemitsu Kosan Co. Ltd. signed an MoU to enhance capabilities across the supply chain and optimise the route to market for Sustainable Aviation Fuel, marking a significant step in both companies' commitment to accelerating the cleaner energy solution adoption in the aviation industry.
  • PETRONAS has contributed to the savings of 339 tCO2e and reduction in emissions by 67 per cent for the Mercedes-AMG PETRONAS Formula One’s fleet of trucks and generators through the use of HVO100 biofuel over the course of the 2023 Formula One European season. This exceeds the initial targets of 60 per cent emissions reduction and 200 tCO2e savings.
  • PETRONAS Lubricants International launched PETRONAS Syntium Hybrid with CoolTech-H™ technology, an addition to its New Energy Vehicle product offerings to improve the reliability, energy efficiency and performance of hybrid vehicles.
  • SEEd.Lab, or Social Enterprise Education Laboratory, an end-to-end incubation programme powered by PETRONAS and Tata Consultancy Services, has launched its third cohort with five new partners to address wider social challenge areas through effective business solutions.

3Sales volume reported at PETRONAS Group was at 9.4 million metric tonnes.
4Malaysian operations only and not inclusive of specialty chemicals.


Gentari Sdn Bhd


  • Achieved 0.5 GW of installed and under construction renewable energy capacity in Q4 2023. This contributes to a cumulative total of 2.9 GW, of which 1.6 GW is installed capacity.
  • Completed the acquisition of 49 per cent ownership in Northland Power Inc’s stake of the Hai Long project located in Taiwan, which is poised to be one of Asia’s largest offshore wind energy projects.


  • Commenced a detailed feasibility study with City Energy Pte Ltd to construct a pipeline supplying clean hydrogen from Malaysia to Singapore.
  • Entered an MoU with Japan’s IHI Corporation to explore collaboration on the ammonia value chain and the commercial use of IHI’s fully ammonia-powered gas turbine in Malaysia.
  • Completed a detailed feasibility study with Japan’s Asahi Kasei Corporation and JGC Holdings Corporation to produce up to 8,000 tonnes per year of green hydrogen using a 60 MW class alkaline water electrolyser system in Malaysia. Subsequently, the parties entered an MoU for a front-end engineering design study.
  • Partnered with India’s AM Green Holdings BV to drive the development of 5 million tonnes per annum (MTPA) of green ammonia production in India by 2030, aimed for export to key global markets.

Green Mobility

  • Awarded the title of Malaysia’s Most Promising Charge Point Operator of the Year at the 2023 Malaysia Car of The Year Awards, for advancing the nation’s electric vehicle (EV) and charging points ecosystem.
  • Collaborated with PLUS Malaysia Berhad to debut Malaysia’s first EV Fast Charging Modular and Portable Station with Battery Energy Storage System at the Behrang Lay-by (Northbound).
  • Entered an MoU with Mercedes-Benz Malaysia to accelerate EV adoption in Malaysia by exploring the potential development of charging infrastructure and value-added services such as tailored subscription plans to enhance customer experience.
  • A network of 567 charging points has been established across Malaysia, India and Thailand alongside the deployment of 2,558 EVs through the Vehicle-as-a-Service offering in Malaysia, India, Thailand and Indonesia.
  • Entered an MoU with Sime Darby Motors to expedite the construction of EV charging stations and infrastructure within the Sime Darby Motors network and other publicly accessible locations.
  • Partnered with Millennium Welt to pioneer a novel concept of immersive technology and customer experience at their first EV charging Flagship store in Kuala Lumpur, featuring 14 charging points with high-speed 240 kW and AC chargers.

MISC Berhad

  • Successfully delivered the second LNG dual-fuel Very Large Crude Carrier, Eagle Ventura in October 2023, following the delivery of its sister vessel, Eagle Vellore.
  • Entered into a binding Heads of Agreement with Pengerang LNG (Two) Sdn Bhd, for the supply, operation, and maintenance of an LNG Floating Storage Unit intended for deployment at the PETRONAS LNG Regasification Terminal in Johor.
  • Secured Southeast Asia’s first sustainability-linked Islamic revolving credit facility in the shipping industry with Maybank Singapore.
  • Secured Silver awards in both the Transport & Logistics Sector and Green Transition within the Equities Category at The Edge Malaysia ESG Awards 2023.
  • Recognised for outstanding safety performance at the 41st Malaysian Society for Occupational Safety and Health Awards 2023 with six awards for the MISC Group.
  • Awarded the Alternative-Fueled Vessel Design of the Year at the Marine Fuels 360 Awards in Singapore.
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