As jobs visibility improves, 2012 should generally be a better year for the Malaysian O&G industry compared to 2011. This year and next year’s focus should still be on marginal oilfields, as we expect the overlap of marginal oilfield and deepwater activities to boost O&G services providers’ utilization rates to their peaks. The development of onshore O&G projects would also continue to hog the headlines moving forward. Maintain Overweight on the sector, with Kencana Petroleum and Dialog Group being our top picks.
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