UOB Kay Hian Research analyst Kong Ho Meng said while there have not been any large tenders awarded by Petroliam Nasional Bhd (Petronas), it expected contracts to be rolled out from next year. In Malaysia, he said, about 11% or about 35 of the over 300 platforms have been operating for over 40 years, and more than 200 wells have already been identified to be plugged and abandoned.
PETALING JAYA: As more oil and gas (O&G) fields in Malaysia and the region approach the end of their lifespan, the demand for decommissioning works is set to surge.
The value of decommissioning contracts in the region, over the next three years, is expected to reach up to RM6bil, according to estimates by industry players.
Already a subscriber? Log in.
Subscribe or renew your subscriptions to win prizes worth up to RM68,000!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
