Upward momentum of oil and gas sector seen continuing

Aminvestment Research pointed out that Petronas had increased its domestic spending by 29% to RM6bil in the third quarter ended Sept 30 compared to a year ago, which supports its view of a gradually rising capex trend.

PETALING JAYA: Analysts are expecting more contracts for the local oil and gas (O&G) sector going forward, particularly for the upstream sector as the national oil company Petroliam Nasional Bhd (Petronas) had raised its capital expenditure spending by 9% to RM29bil in the first nine months of 2019.

“We expect a continuation of the upward momentum next year, ” said AmInvestment Research.