PETRONAS releases Annual Activity Outlook report for 2019-2021
PETRONAS on December 11 issued its annual Activity Outlook (PAO) report, for the period 2019-2021, to share the Company’s perspective on industry trends, demand outlook and activities in the Upstream and Downstream sectors, and to assist the industry to strategise and better manage its resources and investment decisions.
The report published on the Company's website said that the year 2018 has seen greater volatility in oil prices, which is expected to persist in 2019. PETRONAS in this edition of PAO maintains its prudent view on the industry outlook and will respond with cautious optimism particularly on new capital projects.
PETRONAS Vice President of Group Procurement, Samsudin Miskon said: “We were pleased with the positive response from the oil and gas industry towards PAO 2018-2020 – considering that PETRONAS has taken a bold move in pushing for transparency in information in the hope that the industry is able to respond, especially with strategic collaborations, to seize opportunities and find long-term solutions.”
In the Report, PETRONAS shared its aspirations and key opportunity areas for industry players to participate in decommissioning activities.
It acknowledged that decommissioning is much talked-about amongst industry players as a rapidly developing market segment and the Report noted that most of the required services are readily available.
The Report also emphasised that local players need to reconsider a more cost effective and efficient business model to support upcoming requirements.
PETRONAS also recognised the need to embrace technology and digitalisation, not only at work, but also in culture and mindset. The company shared its Digital Transformation journey; aiming to be a data-driven organisation which fundamentally changes the way it operates to deliver new values.
PETRONAS’ transformation journey through the Digitally Enhanced and Exciting Way of Working (DeeWoW) programme from Digital Procurement was also highlighted in the latest PAO. This would enable industry players, as customers of Group Procurement, to experience a more transparent and efficient business and operations planning process.
Malaysia OGSE Talent Landscape
The PAO report also noted the lack of data on talent among the 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 (TVET), PETRONAS shared its take on Malaysia’s OGSE Talent Landscape based on an in-house study.
The study, the first of its kind, sought to establish local OGSE talent landscape, drawing out insights from the post-2014/15 low oil-price experience. It envisions that with the sharing, the industry can respond and collaborate to seize opportunities and drive long-term solutions.