In its annual Petronas Activity Outlook (PAO) report for 2019-2021 released today, Petronas shared its perspective on industry trends, demand outlook and activities in the upstream and downstream sectors.

“Petronas, in this edition of the PAO, maintains its prudent view on the industry outlook and will respond with cautious optimism particularly on new capital projects,” it said in a statement today.

In the report, Petronas shared its aspirations and key opportunity areas for industry players to participate in decommissioning activities and acknowledged that decommissioning was much talked-about among industry players as a rapidly developing market segment.

“Local players in the decommissioning segment need to reconsider a more cost-effective and efficient business model to support upcoming requirements,” it said.

Petronas said its commitment to its digital transformation journey to become a data-driven organisation, the need to embrace technology and digitalisation in both culture and mindset has also been highlighted in the PAO.

The report noted the lack of data on talent among O&G industry players despite it being the fuel that drives industry growth.

“In line with the government’s aspiration for industry players to be more involved in talent development, especially in technical and vocational education training, Petronas shared its take on Malaysia’s O&G service and equipment talent landscape based on an in-house study.

“It envisions that with the sharing, the industry can respond and collaborate to seize opportunities and drive long-term solutions,” it added.