Petronas Full-Year Report 2023

In 2023, PETRONAS recorded GHG emissions of 45.6 million tonnes of carbon dioxide equivalent (Mil tCO2e) for its Malaysian operations, which is a reduction of 0.9 per cent compared to GHG emissions in 2022 (2022: 46.0 Mil tCO2e). The decrease is contributed by continuous emissions reduction projects from energy efficiency, flaring and venting, and electrification.

Highlights

• Successfully gained the Gold Standard for our methane pathway by the Oil and Gas Methane Partnership 2.0, signifying our efforts to strengthen methane measurements, transparency, advocacy and reduction of methane emissions.
• Signed a collaboration with Japan Organization for Metals and Energy Security (JOGMEC), with the aim to unlock the potential of cleaner energy production and methane abatement opportunities.
• Submitted PETRONAS 2024 Activity Report towards the Methane Guiding Principles.
• Launched the ASEAN Energy Sector Methane Leadership Program, in collaboration with ASEAN energy operators, government agencies, and international organizations.
• Recorded a total daily production average of 2,431 thousand barrels of oil equivalent (boe) per day in 2023, lower than the 2,434 thousand boe per day recorded for the same period in 2022, mainly due to lower crude oil production from Malaysia.
• Achieved first hydrocarbon for 28 projects – 21 in Malaysia and seven outside Malaysia.
• Achieved final investment decision (FID) for 21 projects – 16 in Malaysia and five outside Malaysia.
• Achieved 24 oil and gas discoveries – 20 in Malaysia and four outside Malaysia.