PETALING JAYA: Petroliam Nasional Bhd (Petronas) expects the outlook for the oil and gas (O&G) industry to remain challenging, due to emerging fresh waves in the number of Covid-19 cases and prevailing uncertainties over the production cuts in 2021 by the Organisation of the petroleum exporting countries.
In the national oil company’s annual activity outlook from 2021 to 2023, president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz (pic) said the effects of the pandemic are difficult to estimate, while their impact 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.
“Therefore, we believe the industry is now contending with a Great Reset. This is an undeniable and unavoidable imperative, requiring immediate reforms along the whole value chain. Collectively, as an industry, we must step up from doing business as usual and compel innovation at all levels that implement new ways of working with focused execution at pace.”
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