Oil and gas companies are seen to reduce their capital expenditure this year as demand remains muted on the back of the Covid-19 pandemic
PETALING JAYA: Local oil and gas companies will still cut their capital expenditures (capex) this year as demand for the commodity remains gloomy amid the Covid-19 pandemic.
AmInvestment Bank pointed out that for the first half of 2020 (1H2020), the new contract awards to Malaysian operators dropped 62% year-on-year (y-o-y) to RM2.2bil, with the worst fallout yet to come in 2H2020 onwards.
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