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PETRONAS Thrives On Strong Performance In FY2021

2022 Media Release - 1 Mar

KUALA LUMPUR, 1 March 2022 – PETRONAS has posted a Profit After Tax (PAT) of RM48.6 billion for the financial year ended 31 December 2021, achieved on the back of RM248.0 billion in revenue.  

The sustained operational resilience demonstrated by the Group contributed to its strong performance, further supported by surging commodity prices driven by the recovery in global energy demand as key economies reopened and travel restrictions eased amid higher COVID-19 vaccination rates around the world.  

FY2021 Results 
(Analysis against FY2020) 

The Group recorded a Profit After Tax (PAT) of RM48.6 billion in contrast to a Loss After Tax (LAT) of RM21.0 billion in 2020, with higher EBITDA and lower net impairment losses in the current year following an upward trend in prices partially offset by higher taxation. 

Revenue stood at RM248.0 billion, mainly due to favourable price impact for major products in line with higher average realised prices. 

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose to RM100.5 billion, primarily attributed to higher revenue, partially offset by an increase in product costs. 

Accordingly, Cash Flows from Operating Activities (CFFO) improved to RM78.6 billion. 

Total assets increased to RM635.0 billion as at 31 December 2021 compared to RM574.1 billion as at 31 December 2020, primarily contributed by higher cash and fund investments and higher receivables.  

Shareholders’ equity increased to RM350.9 billion as at 31 December 2021 from RM330.6 billion a year earlier, mainly attributed to profit recorded during the period. 

Capital Investments (CAPEX) for the period was RM30.5 billion, primarily attributed to Upstream projects. 

Q4 FY 2021 
(Analysis against Q4 FY 2020) 

For the fourth quarter ended 31 December 2021, the Group recorded a revenue of RM76.6 billion, an increase from RM44.0 billion in the corresponding quarter last year, mainly driven by favourable average realised prices for all products. 

EBITDA increased to RM28.1 billion from RM11.9 billion in the corresponding quarter last year, in line with higher revenue partially offset by higher product costs.  

The Group registered a PAT of RM13.4 billion against LAT of RM1.1 billion for the fourth quarter of 2020 in tandem with higher EBITDA and lower net impairment losses on assets. This was partially offset by higher taxation in line with higher profit. 

Datuk Tengku Muhammad Taufik, President and Group CEO, PETRONAS “PETRONAS’ strong performance in 2021 bears testimony to the dedication of our workforce. Coupled with a robust integrated energy portfolio, PETRONAS has remained resilient after two years of extreme disruptions to the energy ecosystem, positioning us better to capitalise on market recovery. 

“However, even as we progress with relatively steadier footing, PETRONAS’ focus will continue to be in safely delivering commercial and operational excellence. We remain committed to exercising discipline when reinvesting to both strengthen our core and grow our portfolio, even as we prudently manage our financial commitments and debt obligations.  

“We are determined to seize new opportunities for sustainable, profitable growth as we uphold our responsibility as Malaysia’s National Oil Company and lay the foundation for our future growth.  

“With the launch of our new entity in mid-2022 and the setup of our Carbon Management Unit, it is envisaged that PETRONAS will evolve into an energy ‘superstore’ that will provide customers with a suite of energy and solutions that power businesses, and fuels progress in a just and sustainable manner.  

“2022 will be a year that PETRONAS will need to step up even more meaningfully in pursuing its purpose: to become a progressive energy and solutions partner enriching lives for a sustainable future. Aligned to our three-pronged growth strategy and Net Zero Carbon Emissions by 2050 aspiration, PETRONAS is committed to ensuring that energy can continue to be produced and delivered responsibly and sustainably.” 

Outlook The industry is expected to continue to operate in a challenging environment due to market uncertainties and heightened geopolitical risks. Amidst these challenges, the Group will focus on executing our growth plans and sustainability efforts while remaining committed to deliver operational and commercial excellence. 

Operational Highlights 

  • Upstream recorded a total daily production average of 2,275 thousand barrels of oil equivalent (boe) per day in 2021. The increase from 2,209 thousand boe per day in 2020 was mainly due to higher crude oil production from international operations coupled with higher natural gas production, contributed by stronger demand for both Malaysia and international operations.
  • Upstream successfully achieved the following in 2021:
    • 21 projects in Malaysia and abroad achieved first hydrocarbon – 17 brownfields and four greenfields.
    • 22 projects achieved final investment decision (FID) – eight in Peninsular Malaysia, eight in Sarawak, two in Sabah, two in Indonesia, one in Brazil and one in Turkmenistan.
    • Eight exploration discoveries – six discoveries off the coast of Sarawak and Sabah in Malaysia, one discovery offshore East Java in Indonesia, and one discovery offshore Brunei. 
  • In Malaysia, PETRONAS signed seven Production Sharing Contracts (PSCs) in 2021 with existing and new players. Block PM524, located in the prolific area of the Malay Basin, was the most recent PSC signed on 1 November 2021 with PETRONAS Carigali Sdn Bhd (PCSB) and POSCO International E&P Malaysia Sdn Bhd (POSCO International). POSCO International, is a new player in Malaysia’s upstream oil and gas with experience in operating gas fields in other parts of this region.
  • PETRONAS awarded six of the 13 offshore exploration blocks offered in the Malaysia Bid Round (MBR) 2021. The success of this campaign was attributed to the significant fiscal enhancements that were introduced which include the Enhanced Profitability PSC Terms for shallow water blocks, larger block sizes and flexible bidding options. The award reinforces Malaysia’s attractiveness as a destination for industry players seeking to grow their energy portfolio. 
  • PETRONAS Carigali (Jabung) Ltd. and its partners signed a 20-year extension from 2023 to 2043 for the Jabung PSC, located onshore Jambi, South Sumatra, Indonesia on 12 November 2021. With the extension, PETRONAS Carigali (Jabung) Ltd. will continue to add value to Indonesia’s energy industry and grow its business portfolio in the region.
  • PETRONAS Petróleo Brasil Ltda. and its consortium partners won the Sépia field, located in the Santos Basin, during Brazil’s Second Transfer of Rights Surplus Volume Bidding Round held in Rio de Janeiro in December 2021. This marks PETRONAS’ entry into the prolific Santos Basin, strengthening its ventures in Brazil and presence in the Americas in line with the Group’s global growth strategy. 
  • PETRONAS E&P Argentina S.A. (PEPASA) exported its full-sized Medanito crude oil cargo to Trafigura and Petrobras in December 2021, a testament of its efforts to create value. PEPASA exported six cargoes in 2021 making it amongst the top three exporters of the Medanito crude oil. 
  • PETRONAS is positioning Malaysia as a leading CCS solutions hub in the region. It is taking deliberate steps to explore opportunities with industry partners for CCS technologies as well as carbon dioxide (CO2) storage solutions to decarbonise the country’s upstream sector and provide CO2 storage solutions for the region. In 2021, three agreements were signed which are: 
    • Memorandum of Understanding (MoU) with POSCO International Corporation and POSCO Engineering & Construction Co. Ltd on 16 December. 
    • Joint Study and Collaboration Agreement with Sarawak Shell Berhad on 17 December. 
    • MoU with ExxonMobil Exploration and Production Malaysia Inc. on 3 November.
  • PETRONAS has successfully deployed remote operations at eight drilling rig sites through off-site monitoring and supervision by utilising Directional Drilling & Measurement While Drilling (DDMWD), wireline and wearable technologies. This new way of working has improved the safety of its operations and better cost efficiency while reducing its carbon footprint.
  • In line with PETRONAS’ commitment to achieve Net Zero Carbon Emissions by 2050 (NZCE 2050), eight greenhouse gas (GHG) emissions reduction projects were completed in Peninsular Malaysia, Sarawak and Sabah as at Q4 2021. The cumulative GHG emissions reductions from all eight projects are estimated to be 3.83 million tCO2e per year.
  • PCSB was recognised for its HSE performance with 15 Gold Merit Awards and six Gold Class 1 Awards for the year 2021 during the 39th Malaysian Society for Occupational Safety & Health (MSOSH) Award ceremony on 25 November 2021. 

Gas + New Energy 

  • PETRONAS continues to strengthen its close to four decades of industry leadership as a reliable Liquefied Natural Gas (LNG) supplier with the safe delivery of 12,000 LNG cargoes to date from the PETRONAS LNG Complex (PLC) in Bintulu since operations began in 1983. PETRONAS has concluded 6.69 million tonnes per annum (MTPA) of LNG sales.
  • Following its maiden carbon neutral LNG cargo delivery to Japan in the third quarter of 2021, PETRONAS has signed agreements with China’s Shenergy Group Company Limited (Shenergy) and Hiroshima Gas for the delivery of five carbon neutral LNG cargoes. 
  • PETRONAS achieved higher sales gas performance as at YTD Q4 2021 compared to the same period last year, contributed by higher demand from the power sector. PETRONAS has also secured up to 697 million standard cubic feet per day (MMscfd) of natural gas supply deals from new and existing customers. 
  • PETRONAS continues to provide a reliable supply of natural gas through its suite of customer-centric LNG solutions. As at YTD Q4 2021, PETRONAS has completed 960 Virtual Pipeline System and LNG Bunkering deliveries. In addition, PETRONAS has delivered 2,026 LNG ISO tanks to China. 
  • PETRONAS awarded two Front End Engineering Design (FEED) contracts to the JGC Corporation-Samsung Heavy Industries consortium and SAIPEM Spa as part of an international dual FEED design competition for a nearshore LNG project in Sabah. The project, with a minimum capacity of 2.0 MTPA, is planned for FID by the end of 2022 and Ready for Start-Up (RFSU) by end of 2026.
  • As at the fourth quarter of 2021, PETRONAS New Energy has close to 1GW of solar capacity in operation and under development. These include ongoing solar installations to power PETRONAS’ assets in Malaysia such as a 7.4MWp solar rooftop installation at Universiti Teknologi PETRONAS in Seri Iskandar, Perak, a 1.4MWp solar rooftop installation at Institut Teknologi Petroleum PETRONAS (INSTEP) in Terengganu and a 49.0MWp ground-mounted and rooftop solar installation at the Pengerang Integrated Complex in Johor.
  • PETRONAS, together with Sumitomo Corporation and Tokyo Gas will conduct a joint feasibility study for the production of carbon neutral methane. The study will explore the concept of methanation by reacting green hydrogen produced from renewable energy with CO2. Through this process, CO2 emissions from the combustion of the carbon neutral methane will be offset with the CO2 separated or captured during production.


  • Downstream business recorded stable operations with Overall Equipment Effectiveness (OEE) sustained at 93.3 per cent, on the back of strong asset reliability.
  • PETRONAS Chemicals Group Berhad (PCG) continued to record plant utilisation above 90 per cent on the back of solid operational performance and efficient statutory turnarounds at four of its plants throughout the year. PCG’s output stood at 10.4 million metric tonnes, attributable to higher production in the Olefins & Derivatives segment from greater ethane supply. PCG recorded an overall sales volume of 8.2 million metric tonnes, comparable to the volume at the end of 2020. 
  • Marketing business recorded sales volume of 21.2 billion litres in 2021, an increase from 21.0 billion litres in the previous year, following market recovery.
  • BRB International is entering commercial operations of its silicone blending facility in the vicinity of PCG's petrochemical complex in Gebeng, Kuantan. The 8,000-tonnes per year facility manufactures cosmetic grade silicone gum blend, as well as technical and food grade silicone emulsion and silicone antifoam for the Asia-Pacific and Middle East-Africa regions. BRB International is also the first and only producer of silicone antifoam in Southeast Asia. 
  • PETRONAS Marine completed its first LNG bunkering operations in Sabah for the 180,000-tonne LNG-powered vessel, HL Green providing the trading vessel with a cleaner and economically competitive source of energy. This latest effort demonstrates PETRONAS Marine as a one-stop marine solutions partner for the shipping industry and signifies a major step towards developing Malaysia as an LNG bunkering hub. 
  • PETRONAS Dagangan Berhad (PDB) entered into an MoU to deploy DC Fast EV chargers at PETRONAS stations by the first half of 2022, in anticipation of greater adoption of electric vehicles in Malaysia.  The deployment of EV chargers will provide end-to-end coverage of faster-charging facilities leveraging PDB’s extensive network of stations along the North-South Expressway and part of the East Coast Expressway. 
  • PETCO Trading (UK) Ltd and PDB, together with Malaysia Aviation Group and Neste achieved a significant milestone with its first Malaysia Airlines flight fuelled by Sustainable Aviation Fuel (SAF). The flight from Amsterdam to Kuala Lumpur used a blend mixture of approximately 38 per cent SAF made from waste and residue as well as conventional jet fuel.  The flight marks the viability of SAF as the cleaner option for regular flights by 2025.
  • PDB inked an MoU with Unit Peneraju Agenda Bumiputera (TERAJU) under the Prime Minister’s Department of Malaysia to increase the number of entrepreneurs in the Kedai Mesra ecosystem. The collaboration is expected to create 5,000 job opportunities by 2030 as part of PETRONAS’ commitment to community wellbeing and development.  

Issued by
Media Communications Department
Group Strategic Communications


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