Malaysia's state energy firm Petronas said on Tuesday that it anticipates recovery in oil demand from the impact of the coronavirus pandemic to remain fragile and uncertain in the next few years.
The industry was optimistic about economic recovery but remained cautious and needed to be ready to face oil price volatility, Petronas said in its activity outlook report for 2022-2024.
After 2024, Petronas forecast a positive outlook for drill rig activity and a steady outlook for fabrication of fixed structures and subsea facilities, as it continues efforts to monetise its oil and gas resources. Petronas said many of its current oil and gas projects are expected to be for ready for hook-up and commissioning by 2023 and 2024.
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