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Outlook for oil and gas industry challenging, says Petronas | Malay Mail

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KUALA LUMPUR, Dec 13 — The outlook for the oil and gas industry remains challenging amid geopolitical upheavals, prolonged trade tensions, and a global economic slowdown resulting in demand disruptions, Petronas vice president for group procurement Liza Mustapha said. “The challenging landscape...

The outlook for the oil and gas industry remains challenging for Petronas. — AFP pic

“The challenging landscape would require Petronas and all its partners to continue to be conscious in managing costs, implement activity levelling to sustain offshore activities and pursue innovative solutions to unlock value in our supply chain,” she said in the Petronas Activity Outlook 2020-2022 report today.

Petronas foresees a steady outlook for drilling, production support, marine vessels and decommissioning activities. “Steady outlook can be expected for decommissioning projects as 44 per cent of facilities in Malaysian waters are operating beyond design life,” PAO said. As many of these contracts are due for re-tendering in the period of 2020-2022, this would be an opportune time for players to strategise on resources, new technology offerings, and strategic partnerships.

 

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