Petronas hikes profit by 11.8%

Profit push: Higher oil and gas flows boost bottom line for Petronas

Malaysia’s Petronas has reported an 11.8% rise in after-tax profits to 39.8 billion ringgit ($12.47 billion) for the first half of the year on higher production.

The Kuala Lumpur-headquartered state player produced 2.23 million barrels of oil equivalent between 1 January and 30 June, up 5.6% on the first six months of 2013.

Petronas said the output increase was driven by higher domestic output as well as new production in Iraq, South Sudan and Canada along with higher demand in Turkmenistan.

An increase in regulated gas prices as well as exchange rate gains both helped boost the financial result, the explorer added, while the gain was offset by impairments in Egypt and higher exploration costs.

Petronas said it made twelve discoveries during the six-month period, nine in Malaysia and three internationally, without further elaborating.

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