Malaysia’s national oil and gas company on Monday posted $84 billion (MYR 375.3 billion) in proceeds for last year, attributing the increase of around 51 percent against 2021 mainly to higher prices.

Petroliam Nasional Bhd’s profit after tax also rose to $23 billion (MYR 101.6 billion), nearly double that of the preceding year’s $11 billion (MYR 50.9 billion).

The revenue boost was “mainly due to the favorable price impact for major products aligned with higher benchmark prices”, the government-owned company said in a press release.

Petronas reported a daily production average of 2.43 million barrels of oil equivalent per day (boepd) in 2022, up from the 2.27 million reported in 2021.

“This was mainly driven by overall improved demand for gas in Peninsular Malaysia coupled with realized opportunities and better performance from international operations”, the Kuala Lumpur-headquartered company said.

Petronas’ capital investments, or spending on physical assets, totaled $11 billion (MYR 50.1 billion) in 2022, while its total assets amounted to $159 billion (MYR 710.6 billion).

Petronas said prices in the oil and gas industry may moderate this year “given an anticipated economic slowdown, even as it contends with prolonged market volatility”.