Malaysia Oil & Gas Q1 2020
The upstream landscape in Malaysia looks set to encounter headwinds over the coming years amid persistent weaknessin global oil prices and as project opportunities move out to costlier and more technologically challenging areas. Gas output is likelyto be shielded by a strong projects pipeline, although the same cannot be said for crude oil for which the pipeline remains thin. Thestart-up of PRefChem’s 300,000b/d RAPID project is anticipated by H220 and would significantly bolster Malaysia’s refining outputand exports of fuels, albeit at the expense of a deeper crude deficit. Outlook for LNG exports remains stable, with existing contractsin Petronas’ portfolio providing a hedge against rising competition and continued price volatility.
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