Bad days for national oil companies to continue, Fitch says


Dateline 2016-09-21, Zee Biz:

The National Oil Companies (NOCs) in South and South-East Asia unlikely to return to positive free cash generation in the next two years, said a Fitch Ratings report.

Most of the NOCs reported poor financial result for the first half or first quarter ended on June 30 due to a fall in average oil and gas prices from a year ago. Revenue and EBITDA declined over this period for Malaysia’s Petroliam Nasional Berhad (PETRONAS); Thailand’s PTT Public Company Limited; and India’s Oil and Natural Gas Corporation Limited (ONGC) and Oil India Limited.

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