Petronas to slash expenditures
KUALA LUMPUR, November 28, 2014 – Weak oil prices will likely drive down Petronas’ capital expenditures for 2015, the company’s president and group CEO, Tan Sri Dato’ Shamsul Azhar Abbas, announced on Friday. The national oil company could cut as much as 20 percent from its capital expenditure budget, the Wall Street Journal reported following the Petronas’ earnings update. In recent year’s, national oil company’s operating budget has ranged from $18 billion to $24 billion. Despite a 6.5-percent increase in the Petronas’ crude oil production to 822,000 barrels per day over the same period in 2013, declining oil prices saw net profits for the quarter, which ended on September 30, fall from $4.28 billion to $3.59 billion.