Tie-ups key to survival in ‘lower for longer’ oil era

Dateline 2016-06-25, NST:

In the current environment of prolonged low oil prices, dubbed the “lower for longer” era, players in the oil and gas (O&G) industry are defying the odds through collaboration. Returns may be less than favourable, but industry players are staying focused on deep-water exploration and production activities, albeit higher costs involved in initial stages for such ventures. Shell Malaysia chairman Datuk Iain Lo said the deep-water business was under pressure, like other segments in the industry, and this called for collaboration among O&G industry players in order to remain sustainable. “Collaboration is important as it brings together the best capabilities and encourages assumptions to be challenged and boundaries to be pushed. “Such effective collaboration doesn’t happen overnight. It requires a long-term commitment from the parties involved but it allows us to jointly achieve something we wouldn’t be able to do alone.

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