KUALA LUMPUR — Dec. 4, 2017: Petronas has published its activity outlook report for 2018-2020, sharing its perspective on industry trends, demand outlook and its planned activities over the next three years.
In a statement today, Petronas said, the report which aims to improve market information flow, is part of its efforts to promote and encourage a more robust, resilient and competitive oil and gas services and equipment (OGSE) sector.
“Over the past few years, the industry has experienced a slowdown in activities following the drop in oil prices.
“Through efforts by the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members to cut production by about 1.8 million barrels per day, the prices are projected to remain within the range of US$50-US$60 (US$1=RM4.08) per barrel,” it said.
The report highlights the opportunities at the Pengerang Integrated Complex (PIC), one of the largest oil and gas industrial developments in the region and its largest downstream investment to-date.
The PIC, which is on track to start operating in 2019, is set to become a catalyst for growth. Due to the size of the complex, the activities are expected to double once operation commences.
It is estimated that in the next five to 10 years, the complex will spur new urban developments with spin-off activities benefiting the local communities, said the national oil company.
Its group procurement vice-president, Samsudin Miskon, said that since uncertainties in the industry remain a concern, it is imperative for industry players to understand key trends as a barometer for the industry.
“Petronas’ efforts to counter this uncertainty is to push for transparency of information which would help to rebalance market activities.
“This will positively impact the supporting ecosystem such as investment and financing, which are crucial in promoting a thriving OGSE sector,” he said. — Bernama