Oil and Gas industry embraces low oil prices outlook

KUALA LUMPUR: Oil and gas (O&G) companies have begun embracing the possibility of oil prices remaining in the US$50 per barrel range which could last until the end of the decade, say industry experts at the National Association of Corrosion Engineers (NACE) East Asia and Pacific Area Conference.

Malaysian Petroleum Resources Corp executive director Dr Shahreen Zainooreen Madros said industry players had realised that prices would not go back to US$100 per barrel anytime soon such as during the boom times back in 2014.