Greenfield project awards likely to be disappointing

TheStar Wed, May 08, 2019 09:35am - 4 years View Original


Petroliam Nasional Bhd (Petronas) was expected to boost its overseas capex, it said.  “However, the general surge in capex for decommissioning and new greenfield projects will likely be from 2020,”  UOB KayHian Research said.

Petroliam Nasional Bhd (Petronas) was expected to boost its overseas capex, it said. “However, the general surge in capex for decommissioning and new greenfield projects will likely be from 2020,” UOB KayHian Research said.

PETALING JAYA: Mega greenfield project awards in the oil and gas (O&G) sector this year will be disappointing as local capital expenditure (capex) spending is expected to be largely focused on maintenance and brownfield works, said a research house.

On top of this, said UOB KayHian Research, a severe delay in the go-ahead for the Kasawari project could result in the Limbayong award being delayed to year-end. This is despite bids having closed last month.

Assuming oil prices remain stable at between US$65 and US$75 per barrel, the research house believes the increasing signs of capex spending will include renewable energy ventures and O&G decommissioning.

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