Upbeat outlook on O&G sector

PETALING JAYA: Industry observers and analysts are of the general opinion that 2023 could be a bright year for the oil and gas (O&G) industry, by and large mirroring the outlook that local integrated O&G titan Petroliam Nasional Bhd (PETRONAS) has cast on the prospects of the sector as well as its own.

Aside from the optimism by PETRONAS, experts said their hopeful outlook on the sector is also underpinned by factors including oil prices remaining elevated at current levels, the expected recovery in investment spending and improved activity levels from oil majors for next year, as well as undemanding valuations and buying opportunities throughout the O&G space.