PETALING JAYA: Petroliam Nasional Bhd (Petronas) has painted a sombre picture of the oil and gas (O&G) industry, stating that the requirement for assets such as rigs would be halved from three years ago. Among the companies providing jack-up rigs and TADRs are UMW Oil & Gas Corp Bhd and Sapura Energy Bhd . “Oil at US$100 a barrel is a thing of the past,” said Petronas in the PAO report yesterday. Petronas stated it would require new facilities to cater for more than 20 greenfield O&G projects between 2019 and 2020, compared to 10-15 previously. The listed fabricators are MMHE, Sapura Energy, TH Heavy Engineering Bhd , Boustead Heavy Industries Corp Bhd, KKB Engineering Bhd and Muhibbah Engineering (M) Bhd .

Source: The Star December 04, 2017 23:51 UTC