KUALA LUMPUR: Oil and gas (O&G) industry players must take the opportunity to diversify their products and services, as well as tapping into new market segments, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.
Noting that the industry had gone through a tough 2016, he was optimistic that it is now on the road to recovery.
“Despite the tumultuous period of the past couple of years, the industry remains incredibly resilient. In a recent report, OPEC (Organisation of the Petroleum Exporting Countries) painted an optimistic outlook for the oil market in 2017, saying that global demand will rise to exceed current production.
“In this climate, there are still plenty of opportunities for O&G players to explore,” he said at the 16th Asian Oil, Gas and Petrochemical Engineering Exhibition (OGA 2017), here yesterday.
He was also optimistic that if industry players could strategise effectively, there was no doubt that they would be able to emerge stronger and more resilient, once oil prices recover in the foreseeable future.
Ahmad Zahid added that there were various opportunities that could be further explored by local and regional O&G players, including exploring new areas in downstream activities.
