Kota Kinabalu: Malaysia’s oil and gas (O&G) industry needs not only people with the ability to forecast future trends, but also the courage to make decisions amid uncertainty, said Dato’ Wee Yiaw Hin, former Executive Vice President and CEO of Petronas Upstream and a former Shell executive.
“You must have foresight, but of course not be reckless. We do our calculations professionally, otherwise you might lose your balls,” he said in response to a question from moderator Tan Sri Andrew Sheng.
Sheng was seeking Wee’s views on the oil price range that would justify continued exploration and drilling activities to ensure Malaysia’s hydrocarbon industry remains profitable.
“If the price of oil over the next 10 years is going to be US$20 per barrel, you would not be exploring. So I am going to ask you a simple question: in your planning, what is the oil price at which it is worth exploring and drilling?” Sheng asked.
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