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Industry players must emulate Petronas


In the environment of low oil prices, Petronas also underwent a restructuring. It created a new business division called Project Delivery and Technology, which was responsible for projects, and research and technical solutions for the upstream and downstream units. The company also slashed a lot of duplication and simplified processes, freeing up employees to focus efforts on generating more value and improving productivity.

In the environment of low oil prices, Petronas also underwent a restructuring. It created a new business division called Project Delivery and Technology, which was responsible for projects, and research and technical solutions for the upstream and downstream units. The company also slashed a lot of duplication and simplified processes, freeing up employees to focus efforts on generating more value and improving productivity.

The surge in the price of crude oil in the 2000s was the catalyst that led to the Goldilocks period that transformed the local oil and gas (O&G) services and equipment (OGSE) players.

According to the International Energy Agency, investments in the upstream O&G industry between 2000 and 2014 saw a five-fold increase, growing from US$160bil in 2000 to US$780bil in 2014 when crude oil prices peaked above US$100 a barrel.

Oil & Gas , Corporate News , Petronas , outlook

   

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