Petronas’ capex cut another shock to local O&G companies


Dateline 2020-05-27, The Edge:

Battered by plunging oil prices, local upstream oil and gas services companies were hit by another piece of negative news last Friday – that Petroliam Nasional Bhd (Petronas) plans to cut its annual capital expenditure by 21%, despite having said earlier that it would keep to what it had budgeted for previously.

The announcement places Petronas among oil majors like Exxon Mobil, Royal Dutch Shell, Saudi Aramco and Petrobras that have announced capex cuts ranging from 20% to 30% this year.

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This entry was posted on Wednesday, June 17th, 2020 at 6:24 am and is filed under oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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