BURSA Malaysia-listed oil and gas (O&G) companies have seen more activity and interest in the past half year than most sectors, buoyed by the reopening of China, elevated global crude oil prices and higher capital expenditure (capex) spending by oil majors, particularly Petroliam Nasional Bhd (Petronas). Even so, some analysts are of the view that there is still a lot of gas left in the tank for the sector as they say the recent activity only marks the start of an upcycle because average crude oil prices are projected to go higher in 2023.