KUALA LUMPUR, Jan 3 — Maybank Investment Bank Bhd has maintained its positive stance on Malaysia’s oil and gas sector, premised on steady Petronas activity outlook for the year 2022 and an even steadier outlook in 2023 to 2024.
On the other hand, offshore drilling, pipeline installation, decommissioning, offshore maintenance, construction and modification operations were the underperformers. “That said, we see Velesto Energy Bhd, Icon Offshore Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd , Wah Seong Corporation Bhd and Dialog Group Bhd as key beneficiaries of Petronas’ domestic activities over the next three years.
Should oil prices continue to be strong throughout 2022 and surpass the target, the bank said it does not rule out increased activities and capital expenditures from the second half onwards.
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