Oil & Gas – In-depth – [NEUTRAL] – 2025 Outlook: LNG gains the spotlight

We strongly believe that LNG segment could be bright spot for Oil & Gas sector in 2025F. LNG consumption, led by the official run of Nhon Trach 3&4 LNG-fired power plants, could bloom strong in 2H25F. On the other hand, the sector face risks from a poor oil price outlook in 2025F, driven by global uncertainties and president-elect Trump’s oil unleashing claims