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Petronas cancels tender for billion-dollar project off Sarawak

Sustained dive in oil prices seen forcing Malaysian oil giant to slash as much as RM16b in capex

Petronas' CEO Wan Zulkiflee Wan Ariffin has said at a recent results briefing that the company would take low oil prices as the new normal and "religiously review its portfolio on an on-going basis".


PETRONAS has called off the tender for a key contract tied to the multi-billion Kasawari gas field development in Block SK316 off Sarawak, as Brent crude slipped under US$38 for the first time since 2008, challenging the economic viability of a project lined up during US$100 oil