UOB Kay Hian Research analyst Kong Ho Meng said while there have not been any large tenders awarded by Petroliam Nasional Bhd (Petronas), it expected contracts to be rolled out from next year. In Malaysia, he said, about 11% or about 35 of the over 300 platforms have been operating for over 40 years, and more than 200 wells have already been identified to be plugged and abandoned.
PETALING JAYA: Petroliam Nasional Bhd (Petronas) registered a net profit increase of 9% year-on-year to RM14.2bil for the first quarter ended March 31, mainly due to a higher revenue of RM62bil recorded during the quarter.
In a statement yesterday, the national oil company said the net profit achieved during the quarter was partially offset by increased net product and production costs, lower net write-back of assets impairment as well as a higher contribution to the National Trust Fund.
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