53 Performance Revi ew Sect ion 02 Annual Report 2022 MANAGEMENT DI SCUSS ION & ANALYS I S In FY2022, crude oil prices had averaged USD100.9 per barrel (Brent), 42.4% higher year-on-year and Malaysia’s construction sector posted a significant 8.8% rebound after a two-year declining trend. The Q3 (Third Quarter) and Q4 (Fourth Quarter) of FY2022 saw double digit growth of 23.2% and 15.70% respectively as the construction sector shrugged off a slow start to FY2022. Jan 23 Oct 20 40 60 80 100 120 140 Nov 21 Jun 22 Apr 21 Price in U.S. dollars per barrel 40.2 50.0 54.8 62.3 64.8 73.2 70.8 83.6 74.1 86.5 97.1 117.3 104.6 113.3 122.7 111.9 100.5 89.8 91.4 80.9 With the growing emphasis on sustainability, RW has increasingly looked to embed sustainability requirements within its design and consultancy approach. Among the key focus areas were cost and operational efficiencies, energy reduction and efficiency, decarbonisation through utilisation of renewable energy, incorporation of circular economy concepts for better waste management and recycling, methodologies for greater accuracy in carbon emissions calculation across all scopes One, Two and Three. In FY2022, in tandem with the shift towards more sustainable operations which is resonating industry wide, RW’s unique capabilities for carbon capture and storage (“CCS”) has enabled Ranhill to secure several notable contracts. Among the projects secured in FY2022 were from Malaysia Marine and Heavy Engineering Sdn Berhad to perform Front End Engineering Design (“FEED”) and, subsequently, Detailed Engineering Design (“DED”) with contract value of RM18 million and RM50 million respectively for Petronas Kasawari Carbon Capture & Storage Project (“CCS”), the world’s largest offshore CCS project. Ranhill Worley’s scope on the Kasawari project includes the carbon dioxide (“CO2”) technology specification, evaluation, and selection, along with design and engineering development for the platform, jacket, bridge, and pipeline Ranhill said the vessel to be built, P-82, would be one of the largest vessels to be deployed in the Buzios field, an ultra-deep-water O&G field covering an area of 853 square kilometres in the pre-salt Santos Basin, about 180 kilometres off the coast of Rio de Janeiro in Brazil The Kasawari project once completed will capture up to 3 million tonnes of carbon dioxide (“CO2”) per annum. The platformwill be placed next to the Kasawari Central Processing Facility with carbon transported by a 138 km pipeline and injected into a depleted offshore gas reservoir. RW’s scope of works includes the CO2 technology specification, evaluation and selection, along with design and engineering development of the platform, jacket, bridge and pipeline.
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