Shell Winding Down KL, KK Office, Moving To Miri

 low oil prices which had not recovered

forecast for future growth unfortunately not optimistic 

KOTA KINABALU: 

• Shell’s decision to withdraw from Sabah in a big way
• company to ship to Miri S'wak, traditional upstream hq
• staff from upstream office in KL  transferred to Miri
• withdrawal crippling from visual, economic viewpoint
• Currently housed in 14-storey Plaza Shell, KK
• 200 Shell staff occupying four floors
• opened office back in Nov 2015

• low oil prices which had not recovered
• forecast for future growth unfortunately not optimistic for Sabah
• Sabah’s O&G ambition suffer blow 
• affect Sabah's image and investor confidence 
• 22.5% Sabah’s GDP from oil and gas industry 

• cost cutting rampant
• All major companies cutting capex
• consolidating staff in one area

• Sarawak all-out for Shell’s plan to set up new office in Miri
• Shell new office in Miri could accommodate 1,000 employees
• it would bring economic windfall to Miri

My comments :  We have to move on. Perhaps the 'curse of oil' is coming to an end as well.  While abundant oil has made the modern way of living so accessible and prevalent all over the world the same oil has caused too much "transitional" problems for many oil producing societies who became addicted to easy oil money.  

So how did we survive before the oil money poured in in bucket-fuls in the late 70s? Meaning we did survive. 

It is really high time to get serious.  

Play time should really be over.