Slippery, but O&G service providers think they can stay steady

Icon Offshore managing director Datuk Seri Hadian Hashim points out that the cut in capex by Petronas was expected and necessary for the oil giant to remain resilient and preserve cash flows.

EVEN as the oil and gas (O&G) sector was still recovering from the 2015 bloodbath, it was hit with another shock when oil prices collapsed to as low as US$15 per barrel on April 22.

The price collapse was due to the fallout from the Covid-19 pandemic and was at its lowest since 1999.