Petronas' 2nd FLNG Vessel on Track for 2021 Launch

Malaysian state-run Petronas’ floating LNG vessel, PFLNG Dua, is on track for its commercial launch next year, the company said on November 27. The vessel achieved ready-for-start-up status in August this year.

“Once ready for commercial operations, PFLNG Dua, which is moored at the Rotan gas field, located 140 km offshore Kota Kinabalu, Sabah, will be able to monetise deep-water gas fields in depths of up to 1,500 m with a production capacity of 1.5mn metric tons/year,” Petronas said.

With the PFLNG Dua, Petronas said it is the first global energy player to own and operate two floating LNG vessels. Its PFLNG Satu vessel began operations in 2017. 

Meanwhile, the company reported a loss after tax of ringgit 3.4bn ($840mn) for the three months ending September 30 (Q3), against a profit of 7.4bn in the year-earlier period, thanks to impairment charges and lower oil and gas prices. Excluding impairment losses, the company said it recorded a profit after tax of ringgit 2.6bn. Petronas’ revenue during Q3 was ringgit 41.1bn, down 25% yr/yr.

The company expects the industry to continue facing challenges due to low oil and prices and moderate demand recovery impacted by the Covid-19 pandemic. 

“The board expects the performance of Petronas group in the final quarter of 2020 to be continuously affected by the challenging business environment,” it said.