O&G industry to continue job cuts


Dateline 2021-01-21, Malaysian Reserve:

WEAKER investments and global shift to low-carbon energy sources are expected to drive job cuts further in the oil and gas (O&G) industry with over 400,000 jobs axed last year alone.

Asia School of Business Assistant Prof Dr Renato Lima de Oliveira expects O&G companies globally to continue to cut their spending as they have yet to recover from the global slump in oil demand due to Covid-19.

National O&G companies like Petroliam Nasional Bhd (Petronas) and Saudi Aramco are further expected to pay hefty dividends to help respective federal governments manage their fiscal deficit as the Covid-19 battle continues.

Petronas has committed to an extra RM10 billion dividend on top of its scheduled RM24 billion dividend to the government for the year 2020. Saudi Aramco also said it would pay US$75 billion (RM303 billion) in dividend to the Saudi government.

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