Bullish outlook for Malaysia’s oil & gas industry
Malaysia’s oil and gas industry will remain competitive with the country being a major regional player with a bullish outlook, the Malaysian Oil and Gas Services Council said.
The council’s president, Sofiyan Yahya, said Malaysia’s positive track record, underpinned by Petronas, had boosted confidence among regional market players in doing business with the country’s own participants.
“The current favourable environment, with better oil prices and continuous government support, will also boost prospects for the industry.The prospects are bullish for at least the next five years. Now is also the time for foreign companies, who intend to develop and grow their businesses over the long term, to come in and participate in Malaysia’s O&G industry,” he said.
Malaysia’s oil production will continue to be buoyant given the strong demand for oil in the region, he added. On turning the country into the foremost oil & gas hub in Asia Pacific by 2017, Sofiyan said Malaysia had actually achieved the target.
“Malaysia is the only country to have put in so much effort to groom its oil & gas industry. If you look at other Asian countries, you can’t see this kind of scenario,” he said.
Malaysia’s oil reserves are currently ranked the third largest in Asia Pacific, after China and India. It is also a net exporter of oil & gas with nearly 40 per cent of the country’s total revenue derived from petroleum resources.
Malaysia’s oil and gas industry will remain competitive with the country being a major regional player with a bullish outlook, the Malaysian Oil and Gas Services Council said. The council's president, Sofiyan Yahya, said Malaysia’s positive track record, underpinned by Petronas, had boosted confidence among regional market players in doing business with the country’s own participants. “The current favourable environment, with better oil prices and continuous government support, will also boost prospects for the industry.The prospects are bullish for at least the next five years. Now is also the time for foreign companies, who intend to develop and grow their...
Malaysia’s oil and gas industry will remain competitive with the country being a major regional player with a bullish outlook, the Malaysian Oil and Gas Services Council said.
The council’s president, Sofiyan Yahya, said Malaysia’s positive track record, underpinned by Petronas, had boosted confidence among regional market players in doing business with the country’s own participants.
“The current favourable environment, with better oil prices and continuous government support, will also boost prospects for the industry.The prospects are bullish for at least the next five years. Now is also the time for foreign companies, who intend to develop and grow their businesses over the long term, to come in and participate in Malaysia’s O&G industry,” he said.
Malaysia’s oil production will continue to be buoyant given the strong demand for oil in the region, he added. On turning the country into the foremost oil & gas hub in Asia Pacific by 2017, Sofiyan said Malaysia had actually achieved the target.
“Malaysia is the only country to have put in so much effort to groom its oil & gas industry. If you look at other Asian countries, you can’t see this kind of scenario,” he said.
Malaysia’s oil reserves are currently ranked the third largest in Asia Pacific, after China and India. It is also a net exporter of oil & gas with nearly 40 per cent of the country’s total revenue derived from petroleum resources.
