Mixed outlook for sector

TheStar Tue, Jan 05, 2021 10:40am - 3 years View Original


Encouraging: Petronas remains steadfast in its commitment to support local oil and gas service providers.

PETALING JAYA: The outlook for the oil and gas industry remains relatively mixed following the release of Petroliam Nasional Bhd’s (Petronas) latest annual activity outlook report.

Analysts, however, note brownfield services providers will continue to be the main beneficiaries of the national oil and gas company’s capital expenditure over the next two years according to Petronas’ Activity Outlook (PAO) for 2021-2023.

In essence, Maybank Investment Bank Research (MaybankIB) said, the drilling operations, requirement for mid-sized fabrication structures and plant turnaround operations would see increased activities this year, citing the report.

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