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PETRONAS Records Strong FY2022 Results, Continues to Support Nation's Economic Development and Growth

2023 Media Release - 13 Mar

Note: All numbers are in RM billion

KUALA LUMPUR, 13 March 2023 – For the financial year ended 31 December 2022 (FY2022), PETRONAS recorded revenue of RM375.3 billion, mainly due to the favourable price impact for major products aligned with higher benchmark prices.

Despite the prolonged volatility seen in the markets throughout 2022, moving forward the Group will continue to exercise prudent financial management and firm discipline in reinvesting to provide the energy security needed today and for a just and responsible transition.

FY2022 Results (Analysis against FY2021)

  • Revenue improved to RM375.3 billion, mainly due to the favourable price impact for all products aligned with higher benchmark prices.
  • PAT increased to RM101.6 billion and EBITDA stood at RM170.7 billion.
  • Cash Flows from Operating Activities (“CFFO”) increased to RM135.3 billion.
  • Capital Investments (“CAPEX”) stood at RM50.1 billion contributed by Upstream and Downstream projects.        
  • Total Assets strengthened to RM710.6 billion as at 31 December 2022.
  • Shareholders’ Equity increased to RM401.6 billion as at 31 December 2022, mainly attributable to the profit recorded during the year.

Q4 FY2022 (Analysis against Q4 FY2021)

  • Revenue improved to RM105.9 billion, predominantly contributed by favourable price impact for all products and higher sales volume.
  • PAT improved to RM24.4 billion and recorded EBITDA of RM40.6 billion.
  • CFFO stood at RM52.2 billion.

PETRONAS President and Group CEO, Datuk Tengku Muhammad Taufik said:

“The PETRONAS workforce continues to be driven by our purpose to be a progressive energy and solutions partner enriching lives for a sustainable future. Their resilience enabled the Group to deliver a strong performance in 2022.

While 2022 enabled us to favourably capitalise on oil and gas upsides, last year also signalled heightened supply-demand volatility driven by sudden shifts in the market and an accelerated energy transition. 

Even as we progress with relatively steadier footing, PETRONAS will continue strengthening its integrated value chain with a sharper focus on commercial and operational excellence. The Group is focused on the disciplined delivery of our three-pronged growth strategy and Net Zero Carbon Emissions by 2050 aspiration combined with prudent management of our financial commitments and debt obligations.

PETRONAS has no choice but to future-proof the group to preserve our ability to deliver long-term sustainable value as a National Oil Company and a global energy player. To this end, PETRONAS must remain resolute in providing energy that is secure, affordable and accessible towards uplifting communities and supporting countries to achieve their net zero ambitions. PETRONAS is determined to do this steadfastly through stronger partnerships with our stakeholders, partners, local OGSE players and customers across the globe.” 


The oil and gas industry could potentially see prices moderating in 2023 given an anticipated economic slowdown, even as it contends with prolonged market volatility. In this environment, PETRONAS will continue to drive operational excellence in its core business while it pursues its growth and sustainability targets.


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


PETRONAS announced its pathway to Net Zero Carbon Emissions by 2050 (“the NZCE 2050 Pathway”) in November 2022.

The pathway will see PETRONAS address emissions anchored on four levers: zero routine flaring and venting, energy efficiency, electrification, and carbon capture and storage. PETRONAS has set a short-term target to bring down operational emissions to 49.5 million tonnes of carbon dioxide equivalent (“MtCO2e”) from Malaysia operations by 2024.

In 2022, the Group recorded Greenhouse Gas (“GHG”) emissions of 46.1 MtCO2e against the short-term target through decarbonisation projects which achieved up to 0.6 MtCO2e in emissions reduction. Cumulatively since 2013, PETRONAS has reduced 18.1 MtCO2e of GHG emissions across its operations.

Furthermore, with the approval of the PETRONAS Board, the company has taken a position on nature and biodiversity where it aims to conserve, protect, and restore nature through five areas of actions which include establishing voluntary exclusion zones and promoting high-quality nature-based climate solutions.  

PETRONAS’ independent entity Gentari Sdn. Bhd. (“Gentari”), is fully operational with a Board and Leadership Team to drive greater growth in providing access to cleaner energy solutions for customers in three core offerings: renewable energy, hydrogen, and green mobility.

Zero routine flaring and venting

  • PETRONAS Upstream business recorded a 20% reduction in flaring and venting emissions from our Malaysia operated assets in FY2022 compared with FY2021, following the execution of various flaring and venting reduction projects. 
  • This includes 4 fields achieving Zero Routine Venting in FY2022 contributing to 0.66 MtCO2e reduction in hydrocarbon venting from our Malaysia operated assets.


  • Malaysia LNG Sdn Bhd signed a Power Purchase Agreement with Syarikat SESCO Bhd, a subsidiary of Sarawak Energy, for 90MW of hydroelectric power import to PETRONAS LNG Complex (“PLC”) in Bintulu. This will result in about 40 per cent of PLC to be powered by renewable energy, reducing its GHG emissions by approximately 0.5 MtCO2e per year.

Carbon Capture and Storage (“CCS”)

  • Final Investment Decision (“FID”) achieved for the Kasawari CO2 Sequestration (CCS) project in offshore Sarawak.
  • Heads of Agreement (“HOA”) was signed with JX Nippon Oil & Gas Exploration Corporation to monetise the gas potential within the Bujang, Inas, Guling, Sepat and Tujoh (BIGST) Cluster, offshore Terengganu. CCS will be a key solution in unlocking value from these high CO2 fields and will be the first CCS project in Peninsular Malaysia.

Eight strategic partnerships with JX Nippon, JGC Holdings Corporation, Shell Malaysia, TotalEnergies, PETROS, Vopak, Hess and ExxonMobil Exploration and Production Malaysia were signed in Q4 to intensify collaboration in the CCS value chain. To date, PETRONAS has forged 16 strategic pacts in FY2022 to advance its ambition in establishing Malaysia as a leading CCS solutions hub in the region.

Beyond business, PETRONAS is committed to giving back to Malaysians and the countries where we operate toward Uplifting Lives (Community Well-being and Development), Powering Knowledge (Education) and Planting Tomorrow (Environment). In 2022, the Group contributed close to RM900 million, benefiting over 1.5 million people through these initiatives.

PETRONAS has also contributed a total RM3.2 million to Federal and State agencies nationwide to aid flood preparedness efforts in view of the year-end monsoon season in 2022. The initiative is part of PETRONAS’ RM25 million flood assistance contribution announced in December 2021 and has supported flood relief efforts in States that were affected.

The PETRONAS Social Enterprise Education Laboratory (“SEEd.Lab”) continues to provide a platform for aspiring social entrepreneurs to scale their ventures that addresses social challenges in four key areas: Food & Agriculture, Health & Hygiene, Education & Skills, and Personal & Financial Security

SEEd.Lab introduced its second cohort in 2022. The graduates of SEEd.Lab has collectively created a positive social impact for more than 13,000 people since its establishment in 2020.



  • Recorded a total daily production average of 2,434 thousand barrels of oil equivalent (“boe”) per day in 2022, higher than 2,275 thousand boe per day in 2021. This was mainly driven by overall improved demand for gas in Peninsular Malaysia coupled with realised opportunities and better performance from international operations.
  • Achieved 37 first hydrocarbons, 26 FIDs and nine exploration discoveries in Malaysia and overseas.
  • Block SB 2K Production Sharing Contract (“PSC”) was signed on 13 October 2022, bringing the total to six PSCs signed in Malaysia during the year. 
  • On the international front, PETRONAS through its subsidiaries signed two PSCs in Indonesia and Brazil respectively and farmed into a PSC in Congo Brazzaville.
  • A concession agreement was signed for Unconventional Onshore Block 1 in the United Arab Emirates (“UAE”) on 5 December.
  • Awarded the Agua Marinha block in Brazil together with consortium partners during the Brazil bid round in Q4.
  • International portfolio high grading in 2 countries namely the Republic of South Sudan and the Republic of Chad in Q4 2022. The transactions are currently pending regulatory approvals and fulfilment of conditions precedent.


  • Overall Equipment Effectiveness (“OEE”) for Gas Business stood at 96.6 per cent across all business segments.
  • Delivered 405 liquefied natural gas (“LNG”) cargoes from PLC in Bintulu to customers across the globe.
  • Delivered 43 LNG cargoes from PETRONAS’ Floating LNG facilities, PFLNG Satu and PFLNG Dua.
  • Concluded 136 million standard cubic feet per day (“MMscfd”) of natural gas supply deals with new and existing customers from the non-power sector.
  • Completed 2,619 Virtual Pipeline System (“VPS”) and LNG Bunkering deliveries in Malaysia to remotely located customers and to the marine industry.
  • Achieved FID for Sabah’s first nearshore liquefied LNG facility. The Engineering Procurement, Construction and Commissioning (“EPCC”) contract for the project was awarded to a consortium comprising Japan’s JGC and South Korea’s Samsung Heavy Industries, being the winner of the dual Front End Engineering Design (“FEED”) competition contracted out in October 2021.


  • Downstream recorded OEE of 85.9 per cent.
  • Overall marketing segment recorded sales of 24.9 billion litres, a 17.5 per cent increase from the corresponding period last year of 21.2 billion, mainly contributed from PDB and Engen.
  • Our chemicals business recorded plant utilisation of 89 per cent for Malaysian operations. Together with its international operations, overall production volume recorded more than 10 million metric tonnes and sales volume of 8.3 million metric tonnes. Strengthening our foothold in specialty chemicals, PCG announced:
    • The acquisition of Perstorp, a leading sustainability-driven global specialty chemicals company based in Sweden.
    • BRB International opened its new lube oil additives manufacturing facility at Echt, the Netherlands.
  • In growing non-fuel business, Café Mesra is now accessible to customers at more than 40 locations beyond PETRONAS stations and premises to include standalone kiosks at Bangsar LRT station and selected Pos Malaysia outlets.
  • Expanding into the Electric Vehicle (“EV”) segment, PDB signed two tripartite Memoranda of Understanding with Gentari Green Mobility Sdn Bhd, EP Blueshark Sdn Bhd, Blueshark Holding Ltd and Handal Indah Sdn Bhd, for the roll-out of battery swap stations for electric two-wheelers and charging infrastructure for electric buses at its PETRONAS stations. PDB also launched its first EV charging hub located at the PETRONAS Bandar Baru Ayer Hitam station in collaboration with Mercedes-Benz Malaysia Sdn Bhd and EV Connection Sdn Bhd.
  • Charting pathways into biofuels, PETRONAS, Eni S.p.A (Eni) and Euglena Co., Ltd. announced a feasibility study to develop and operate a biorefinery plant in Pengerang, Johor, leveraging on the integrated value chain of the Pengerang Integrated Complex to supply sustainable solutions worldwide.


Gentari Sdn Bhd

Achieved the following milestones under its three core offerings:


  • Achieved 1.6 GW of renewable energy capacity in operations and under development.
  • In India, Amplus achieved FID for the ISTS Solar Rajasthan Project with a capacity of 363.4 MW.
  • Achieved Commercial Operation Date (“COD”) for Malaysia’s largest self-consumption ground mounted solar installation in Pengerang Integrated Complex with a capacity of 40 MW in October 2022.
  • Won EnergyBox’s “Solar Project of the Year for Renewable Energy 2022” Award for its delivery of Malaysia’s largest single rooftop solar installation of 7.4 MWp at Universiti Teknologi PETRONAS.


  • Commenced a joint feasibility study agreement with partners in November 2022 to explore the development of an electrolyser and green ammonia plant in Malaysia.
  • Signed an MoU with IHI Japan in October 2022 to explore the feasibility of producing green ammonia derived from renewables in Peninsular Malaysia.

Green Mobility

  • Vehicle-as-a-Service (“VaaS”) offering in India delivered a total of 382 three-wheelers and 161 charge points, clocking two million clean kilometres (equivalent to >100 tonnes of carbon dioxide emissions reduction).
  • Largest DC Network Operator in Malaysia and first to offer equitable kWh pricing:
    • Installed a total of 151 charge points in Malaysia.
    • Launched Southeast Asia’s first public 350kW super charger in X Park Sunway Serene charging hub in November 2022. The hub is also the first in Malaysia to receive the Energy Commission’s inaugural Electric Vehicle Charging System (“EVCS”) license, offering an equitable kWh pricing mechanism for EV charging.
    • Launched Bangi Golf Resort EV charging hub with dynamic power sharing in December 2022.
  • Signed an MoU with Proton New Energy Technology Sdn Bhd (“PRO-NET”) in October 2022, which will see Gentari powering PROTON’s network of dealers nationwide.
  • Signed an MoU with PDB and Handal Indah Sdn Bhd in November 2022 to explore electrification of public transportation.

MISC Berhad

  • MISC and consortium partners, Nippon Yusen Kabushiki Kaisha (“NYK”), Kawasaki Kisen Kaisha, Ltd. (“K-Line”) and China LNG Shipping (Holdings) Limited (“CLNG”) secured long-term contracts for 5 additional newbuild LNG carriers with QatarEnergy on 3 November 2022. The 5 vessels will be built by Hyundai Heavy Industries (“HHI”) in South Korea. Together with the 7 long-term time-charter contracts secured in August 2022, this brings to a total of 12 newbuilding LNG carriers awarded by QatarEnergy to the consortium.
  • Recognised as a constituent of the Dow Jones Sustainability Indices (“DJSI”) Emerging Markets for the second consecutive year. MISC is the only Malaysian transportation sector company and one of the three Malaysian companies listed in DJSI Emerging Market Index globally.
  • MISC, through its wholly-owned entities entered into a USD527 million syndicated loan facility for the financing of 6 Very Large Ethane Carriers on 9 December 2022. The 11-year sustainable-linked non-recourse term loan marks MISC’s debut into sustainability-linked loan, which has been structured to align with the Group’s long-term business strategy and sustainability aspirations.
  • AET’s first LNG dual-fuel VLCC, Eagle Valence, won “Tanker of the Year” at the Tanker Shipping & Trade (“TS&T”) Awards 2022. The award recognises tankers engaged in bulk liquid transport that set new benchmarks in one, more, or all the following areas: design, environmental, operational, safety and technical performance. Furthermore, Eagle Valence was also certified as a Green Ship as part of the Maritime and Port Authority of Singapore’s (“MPA”) Green Ship Programme (“GSP”). GSP recognises ship owners for their efforts in reducing the environmental impact of their fleet.
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