Petronas seen boosting capex on soaring prices

Analysts generally maintained an “overweight” call on the O&G sector and projected that Petronas could boost its capex to RM40bil to RM50bil in FY22 from RM30.5bil in FY21 to take advantage of the soaring crude oil price, which rose above US$100 (RM420) per barrel recently.

PETALING JAYA: Integrated oil and gas (O&G) companies that recently reported a mixed set of results for the financial year 2021 (FY21) will likely benefit from a potential increase in Petroliam Nasional Bhd’s (Petronas) capital expenditure (capex) spending this year.

Analysts generally maintained an “overweight” call on the O&G sector and projected that Petronas could boost its capex to RM40bil to RM50bil in FY22 from RM30.5bil in FY21 to take advantage of the soaring crude oil price, which rose above US$100 (RM420) per barrel recently.