Petronas recognised a net impairment charge of RM21bil during the quarter, in line with many of its global peers, to address the downward revisions on crude oil price outlook, and also lowering assumptions for the future performances of its assets and wells.
KUALA LUMPUR: Kenanga Investment Bank Research expects Petroliam Nasional Bhd’s (Petronas) turning more cautious on its spending, this will impact the value chain across the oil and gas (O&G) sector.
In a research note on Monday, it said this lower spending, both at capital expenditure (capex) and operating expenditure (opex) levels, would lead to lowered activity levels especially for local-centric players.
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