Market Impact in Oil and Gas Due to Coronavirus Temporary: Shahril

Sapura Energy Bhd President and Chief Executive Tan Sri Shahril Shamsuddin said although the coronavirus outbreak in China will cause price of crude oil to go down to about US$50 per barrel and impact market sentiment in the oil and gas industry, he is convinced the situation will eventually pass.

He believes the epidemic will be controlled and help stabilise crude oil prices.

Shahril was quoted as saying this in a article published by Sinchew Daily on Feb 12.

Sapura expects to maintain its operations during the market downturn and operate at a lower cost, and in the same time continue to seize better business opportunities with a low-cost operating model.

Overall, the global oil and gas industry will continue to be challenging this year as the global market is still full of uncertainties.