Brighter outlook for Malaysia’s oil and gas sector

Petronas plans to spend 55% of the annual capex allocation on domestic investments, with the remainder on international investments.

RISING global oil prices amidst increasing Covid-19 vaccination rates and anticipated higher world economic growth rates in 2022 are brightening the outlook for Malaysia’s oil and gas sector, say research analysts.

According to the Organisation of the Petroleum Exporting Countries (Opec) in its latest monthly oil market report, world oil demand is projected to hit 100.8 million barrels per day (bpd) in 2022, exceeding pre-pandemic levels.