Petronas prepares life as subdued oil price remains

Dateline 2017-09-27, NST:

Fiscal discipline, prudent spending and delivering value over volume are the three values instilled by Petronas to prepare life as oil prices are forecast to average at below US$50 per barrel for the foreseeable future.

Executive Vice-President and Chief Executive Officer (CEO) for Upstream, Datuk Mohd Anuar Taib said based on these principles, the national oil company would continue to undertake portfolio high grading to ensure its assets have the strategic fit of value for the company to grow.

“Although we still put a lot of effort on production and exploration, it is all driven by how much we can afford and what kind of return we will get,” he told Bernama in an interview recently.

For assets seemingly having no strategic fit of value, Petronas, he added, would work on either relinquishing or divestment as was seen in its decision to relinquish Block 1 and 2 in Cuu Long Basin in Vietnam this month.

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