Oil & Gas Exp & Prodn Industry: Time for some bottom-fishing – Inititaion
- Midterm reinvestment economics requires crude oil price to stay at US$60-70/bbl, based on our estimates.
- We expect Vietnam to scale up oil and gas exploration, as national energy security is under threat.
- We initiate coverage on the oil and gas sector with a Neutral rating. Upstream oilfield services stocks, namely PVS and PVD, are our top picks.
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