Look beyond Petronas for revenue, govt urged FMTNews FMTBusiness
It is unwise for the government to continue to rely too heavily on Petronas to fill its coffers, according to an economist.
Azalina, who cited the Reserve Life Index data, said that as of Jan 1, last year, the country’s probable and proven reserves of petroleum amounted to 6.9 billion barrels of oil equivalent. He pointed out that Petronas was able to pay a high dividend when oil prices were up. For instance, he said, Petronas paid out a RM54 billion dividend to the government in 2019, the highest in a decade. That year, the world crude oil price was at an average of US$64 a barrel.
He said there is a need for Petronas to invest a considerable amount of money into upstream activities and new technology to extend its proven reserves while working to meet national zero-carbon emission targets.
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