Athila of MIDF points out that according to the recently released Petronas Activity Outlook 2021-2023, offshore activities are expected to support local O&G service providers for this year.
SINCE the collapse of crude oil prices in 2014, the oil and gas (O&G) sector has never been the same.
First came the shale boom in the United States, creating ample supply and potentially changing geopolitics in the process by making the country less reliant on oil imports.
Another sting to the industry was the heavy debts that players struggled to pay back following the oil price rout that took place from 2014 to 2016.
Published on: Thursday, December 31, 2020
By: Bernama
Photo: Bernama
Kuala Lumpur: The oil and gas industry outlook in 2021 is expected to remain challenging due to the unprecedented demand destruction from the COVID-19 pandemic which has made a profound impact on both the domestic and global markets, said Petroliam Nasional Bhd (Petronas).
The national oil company has maintained a prudent view despite the collapse in oil prices and will continue to accelerate the transition towards a low-carbon economy, spurring policy intervention and global collaborations across industries.
“Although gas remains a crucial and cleaner source of fuel, diversification into renewable energy is imperative.
KUALA LUMPUR (Dec 31): Petroliam Nasional Bhd (Petronas) president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz said today the outlook for the oil and gas (O&G) industry remains challenging due to emerging fresh waves in the number of Covid-19 pandemic cases and prevailing uncertainties over OPEC+ crude oil production cuts in 2021.
Tengku Muhammad Taufik said in the latest Petronas Activity Outlook report, which was published today, that the effects of the pandemic are difficult to estimate, while the impact from OPEC+ decisions cannot be overstated as the industry continues to face the dual impact of demand destruction combined with an oil price rout due to the supply glut.
Petronas anticipates challenging oil & gas industry in 2021 thesundaily.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesundaily.my Daily Mail and Mail on Sunday newspapers.