KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) Group posted revenue and net profit of RM75.2 billion and RM20.7 billion respectively for its first quarter ended March 31, 2012.
Petronas president and CEO Datuk Shamsul Azhar Abbas on Thursday attributed the good performance to high oil prices and higher gas production during the quarter. However, going forward, he cautioned that the coming quarter may not be as encouraging due to issues such as geopolitics and demand disruptions.
Touching on its Sudan operations, Shamsul said the operations have remained shut down until the situation is resolved. He also expects oil prices to be around the region of US$80 to US$90 (RM254.46 to RM286.27) this year.
Shamsul also confirmed that Petronas had started drilling in Cuba via joint venture with Gas Com and would know its exploration results by end of June.
Petronas had also indentified 23 marginal fields which it has broken into six clusters, he said. Works for all six clusters will be awarded by the end of this year with the first to be announced in the next few days, he said.