Malaysia is seeking to rescue its ailing oil and gas ecosystem with an ambitious 10-year plan after fuel prices were battered last year by the Covid-19 pandemic.
The National Oil & Gas Services and Equipment (OGSE) Industry Blueprint 2021-2030 comes after nearly two-thirds of over 4,000 vendors fell off the radar, victims of a double whammy .
Demand for energy and transportation tanked during the pandemic and this came on top of the rout in oil markets between 2014 and 2016.
State oil giant Petronas was forced to slash a third of its initial RM50 billion (S$16.2 billion) capital expenditure budget for last year, most of which was dedicated to the domestic market. Last year, crude oil prices averaged about US$40 per barrel, down from over US$60 the year before.
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