Petronas: The outlook for recovery remains weak, uncertain in 2022

Petronas: The outlook for recovery remains weak, uncertain in 2022

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) expects the journey towards a continued recovery in demand to remain weak and volatile next year as the oil market adjusts to the short- and long-term landscape, driven by the reopening of economic activity during the COVID-19 pandemic.

Group Vice President for Procurement Freida Amat said although the accelerated energy shift would create further challenges to the traditional oil and gas business, industry players must be innovative and remain cost-competitive to ensure projects and production can be implemented for industry sustainability in an uncertain economic climate. .
“Petronas forecasts positive prospects for drilling rig activity and stable projections on the fabrication of fixed structures and seabed facilities, supply of pipelines, underwater services, as well as non -operating activities.

“However, a modest projection is expected on the installation of float barges,” he said in a statement issued by the country’s oil and gas company in conjunction with the publication of the Petronas Activity Prospects (PAO) report 2022-2024 today.

The PAO’s annual report expresses views on industry trends, demand prospects and upcoming activities from the company’s new upstream, downstream, gas and energy businesses.

In the report, Petronas shared its opinion which is expected to have a positive impact on the industry.

Among the highlights was Petronas’ push for further clean energy consumption and a low -carbon profile following the company’s involvement in the hydrogen business, offering opportunities to oil and gas equipment and services (OGSE) industry players.

“Petronas Ventures as the venture capital arm of the company will continue to drive technological innovation and maintain a competitive advantage to support its key oil and business for further growth.

“Competence as an enabler in asset maximization is key to continuous improvement in operations. The highest level of efficiency in project delivery practices provides more promising project prospects, creates value to the industry and maintains competitive advantage and sustainability,” according to the company.

-BERNAMA

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