Dateline 2017-11-09, MalaysianDigest:
The oil and gas (o&g) industry remains one of the significant contributors to Malaysia’s economy and revenue in the strive to become a high-income nation by 2020.
Despite facing numerous challenges and dwindling contribution to the government’s revenue, it is still an industry to be reckoned with, considering the sheer size of its workforce and multiplier effect to the economy.
In the medium term, the o&g industry remains a significant contributor to the economy and revenue as the economy progressively expands into other sectors, namely the services industry.
With crude oil prices averaging US$50 per barrel this year, they bolster government’s income and allocation to boost the economy and support programme towards meeting the goal of becoming a high-income nation under the National Transformation Programme.
Crude oil prices are correlated to global economic growth.