Malaysian oil and gas company, Petronas, released its Petronas Activity Outlook 2018-2020 in which it announces 50 projects that will take place from 2018 to 2020.
Out of these 50 projects, 20 of the will be greenfield, which have already facilities, while 30 will brownfield projects, with some of them needing new facilities.
In the lower for longer environment, we have chosen to remain prudent and this is reflected in the activity level illustrated in this Report until we are confident that the current uptrend is sustainable. In our view, the oil price outlook will hover around USD50s to USD60s per barrel. The majority of analysts agree that >USD100 per barrel is now a thing of the past, Samsudin Miskon, Vice President, Group Procurement, noted.
In the report, Petronas say that it will emphasize on improving transparency in the oil and gas industry, in order to inform further the operators and help them by providing better resources.
At the time, Malaysia has a big potential on greenfield projects, and aims to maximize the brownfield, as an average of 1.7m barrels a day is expected to to be produced the next five years.
You can see the full Petronas Activity Outlook 2018-2020 herebelow
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