O&G industry sees opportunities next year


Same body text, different headlines for different readers. BTW, I guess “The Company” means someone is doing a CYA.

Dateline 2014-12-27, Sin Chew:

The global oil and gas industry is expected to see a bumpy road next year with declining crude oil prices, and the local scene is no exception.

Malaysia’s hydrocarbon resources custodian, Petronas, has already announced a cut in capital expenditure and other industry players, especially those who rely on the national oil company, are expected to follow suit.

Petronas said given the current excess supply, most industry experts expect oil prices to stay low for next year.

“This will definitely be challenging for the oil and gas industry to sustain especially their capital expenditure (Capex),” the company told Bernama.

It said the indication so far is that the Organisation of the Petroleum Exporting Countries (OPEC) is unwilling to give up its market share by not cutting production, and to let the market fend for itself.

“No one really knows what OPEC’s next move is,” it said.

 

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