Dateline 2015-03-06, Interfax:
Petronas’s first quarterly loss and the bearish outlook for the oil and gas market do not appear to have curtailed the Malaysian NOC’s plans to add to its LNG portfolio, following the announcement of new investments and reassurances major projects will not be affected by spending cuts.
Petronas lost MYR 7.3 billion ($2 billion) in Q4 2014 as a result of significant impairments from the fall in crude oil prices and a 6.9% year-on-year decline in revenue.
The loss is expected to herald a lean period, with reduced earnings and spending. Petronas confirmed at a press briefing in Kuala Lumpur last week that it planned to reduce its capital expenditure by 10% in 2015 and 15% in 2016.