KUALA LUMPUR :
- The oil and gas (O&G) industry is adapting to a “fundamental structural shift”, with billions of ringgit worth of projects having been deferred or cancelled around the world, said Datuk Wan Zulkiflee Wan Ariffin, president and group chief executive officer of Petroliam Nasional Bhd (Petronas).
- “This mindset and drive for excellence will be critical to adapt to the challenges at hand to ensure long-term robustness,” he said during his opening remarks at the Offshore Technology Conference (OTC) Asia 2016 yesterday.
- He said globally, industry layoffs have exceeded a quarter of a million and close to US$50bil worth of projects have been cancelled or deferred.
- “Potential divestments continue to make headlines. Over the first quarter of this year, major O&G players, in turn, have announced significant drops in revenue and profits for 2015 compared to 2014,” he said.