Petronas boss wants more consolidation in Malaysian oil & gas sectors


Dateline 2017-02-22, Seatrade Maritime News:

Malaysia’s oil and gas (O&G) industry needs still more consolidation and preference will be given to those that invest in assets, local media quoted national oil company Petroliam Nasional (Petronas) president and chief executive Wan Zulkiflee Wan Ariffin as saying.

Repeating his comparison between Norway’s O&G sector and Malaysia’s he noted that there is still a long way to go before Malaysia reaches efficient levels.Between the two countries, which have similar-sized deposits, Petronas has about 3,700 registered contractors while Norwayhas just around 700 players in its O&G sector.

Wan Zulkiflee pointed out that among the 3,700 were agents who did not invest in O&G assets and were reaping handsome profits.

“Imagine a commission of just 1% for the kind of contracts that we award. It runs into a big sum for the agents. We want to only help those who have invested in their assets and grown their expertise,” he said.

 

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