KUALA LUMPUR: Consolidation in the Malaysian oil and gas (O&G) industry — which had 3,956 Petronas-licensed companies as at 2015 — is deemed necessary to brave the current industry downturn. We should encourage the right partnerships to support and build capable local O&G players to compete and survive in this sphere,” he said. Meanwhile, consolidation — while it is necessary — is a concept that needs to be understood clearly, said Malaysian Oil & Gas Services Council president Sharifah Zaida Nurlisha. Malaysian Oil & Gas Engineering Council president Ir Rashid Sidek said that an upside to consolidation is the start of the “collaborative phase”, specifically between companies with different expertise. “Our engineers would need to take on new roles and responsibilities for our industry to get out of this down cycle.

Source: The Edge Markets March 06, 2017 00:33 UTC