KINIBIZ Wan Zulkiflee Wan Ariffin, Petronas’ newly-appointed president and chief executive officer (CEO), will have a gargantuan task in his hands as he grapples with a whole host of problems at Petronas, some of which are exacerbated by falling oil prices.

Not only will he be stepping into what is arguably the hottest seat - but unarguably the biggest - in Malaysia’s corporate world, Wan Zulkiflee will be facing an oil and gas landscape that has changed dramatically (and unfavourably) for Petronas in the last six months.

An oil price slump of such a magnitude that has not been seen in more than a decade is forcing oil and gas organisations worldwide, big and small, to rethink their strategies and prioritise their long term plans.

Petronas is not exempt. Last month, it announced a 25 to 30 percent cutback on operating expenditure.

Even the federal government has been forced to restructure its budget allocation for 2015, slashing RM5.5 billion in expenditure - mainly due to expectations of drastically lower oil revenue.

Wan Zulkiflee’s credentials aren’t in doubt. Before his appointment as CEO, he was Petronas' chief operating officer and executive director.

A well-respected 32-year veteran of Petronas, he knows the inner workings of the company and the transition from Shamsul Azhar Abbas, the outgoing CEO, should be seamless.

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This article was written by Khairul Khalid.