PETALING JAYA: The prospects for the domestic oil and gas industry look bright this year, given the expected increase in upstream capital expenditure (capex), leading to continued activity and higher prices.
“From perusing Petroliam Nasional Bhd’s (PETRONAS) first quarter (1Q24) report card, we expect its capex to be maintained at RM50bil to RM60bil in 2024, with the upstream segment being the key focus in order to achieve its production target,” RHB Research said.
