Certain companies within Malaysia’s enormous oilfield services sector are beginning to report better market conditions due to improving oil prices, but Petronas, as the main investor and policy setter, is cautious, writes Russell Searancke.
There are more than 240 services companies in Malaysia, including subsidiaries of overseas contractors, covering the entire services value chain from early exploration to commissioning.
Local securities player Kenanga says that, after several years in the doldrums, the upstream industry is on the up given higher oil prices and Petronas’ plan to increase capital spending.
