Dateline 2015-09-19, Borneo Post Online:
Malaysia’s O&G industry had once experienced the positive impact of stable global oil prices as throughout 2013 and the first part of 2014, the local bourse (Bursa Malaysia) saw a rapid rise in the listing of O&G companies while O&G projects both domestic and international came at a steady rate.
However, by the later half of 2014, the price of crude oil took a nose dive and subsequently, the global O&G industry entered a new downturn, with many O&G companies especially those involved in the upstream segment, recording lower profits.
According to Bloomberg, since its peak in June 2014, the US benchmark West Texas Intermediate (WTI) crude oil price fell nearly 40 per cent. By December 2014, the WTI crude prices dropped to less than US$50 per barrel, with Brent oil prices following suit.