10-Year OGSE Blueprint to Help Develop Robust, Resilient and Sustainable OGSE Sector
KUALA LUMPUR, April 27, 2021 – The Government of Malaysia, in line with a continuous effort to develop the capabilities of the Oil & Gas Services and Equipment (OGSE) industry, today launched a National OGSE Industry Blueprint 2021-2030 that will further intensify local OGSE development, adapt to the rapidly evolving needs and requirements of the global market such as the energy transition, to remain competitive.
Malaysia Petroleum Resources Corporation, supported and guided by the Economic Planning Unit in the Prime Minister’s Department, has been working closely with different ministries, government agencies, PETRONAS and industry associations in the last 10 months to develop the National OGSE Industry Blueprint 2021-2030.
Today’s announcement comes amidst one of the most disruptive periods for the OGSE sector with industry players navigating the impacts from COVID-19 pandemic-related movement restrictions, the collapse in oil demand, as well as mounting consumer and investor pressures to address the OGSE sector’s carbon emissions.
YB Dato’ Sri Mustapa Mohamed, Minister in Prime Minister’s Department (Economy) said, “As we launch this Blueprint today, my hope is for the OGSE sector to strive towards doing their part in making sure Malaysia’s oil and gas is produced as cleanly as possible. I believe that Malaysia’s OGSE sector is in a position to do so by tapping into their technological prowess and creating low-carbon tech solutions.”
“It is with this view that the Government has developed this National OGSE Blueprint, aimed at charting the course for the industry to achieve further growth and competitiveness and we are ever ready to welcome strategic collaborations, partnerships and investments to continually improve the OGSE sector’s value proposition in the energy transition,” Dato’ Sri Mustapa said, adding that efforts and progress of the Blueprint will be coordinated by Malaysia Petroleum Resources Corporation, or MPRC, a dedicated agency under the supervision of the Economic Planning Unit, Prime Minister’s Department to spearhead the development of the OGSE sector.
“With the Blueprint, the OGSE industry will be better equipped to secure opportunities not only in adjacent industries but also opportunities in the global market. As a significant contributor to the country’s economy, the health of OGSE industry will be key to achieving current and future national development agenda,” Datuk Saiful Anuar bin Lebai Hussen, Director General of the Economic Planning Unit, Prime Minister’s Department said.
The Blueprint will also look into some of the structural challenges inhibiting the growth of the OGSE sector, including industry fragmentation and concentration in low complexity work scopes.
“The blueprint is envisioned to develop a robust, resilient, and globally competitive Malaysian OGSE sector by 2030. The blueprint will include 4 strategic pillars in Competitiveness, Resilience, Development and Sustainability, as well as 31 initiatives that will be implemented in three phases starting from 2021. These initiatives encompass sector-wide recommendations on the structural challenges confronting industry players, as well as recommendations to address challenges that are unique to Malaysian OGSE segments,” Mohd Yazid Ja’afar, MPRC President and CEO said.
The National OGSE Blueprint 2021-2030 is available for download at www.mprc.gov.my.