12MP To Help Support, Revitalise OGSE Industry – MPRC
KUALA LUMPUR, September 28 – The Twelfth Malaysia Plan 2021-2025 (12MP), aimed at restoring the nation’s growth momentum via a rejuvenation of all economic sectors will augur well for the oil and gas services and equipment (OGSE) industry, according to industry development agency Malaysia Petroleum Resources Corporation (MPRC).
“The Government is placing greater emphasis on strengthening the OGSE industry in the 12MP given the industry’s role in realising the 12MP’s objectives of enhancing the nation’s competitiveness to be a more resilient and sustainable player on the global stage. This is demonstrated in the launch of the National OGSE Industry Blueprint 2021- 2030 early this year, which aims to improve the competitiveness, efficiency and technological capabilities of our local OGSE players,” Mohd Yazid Ja’afar, MPRC President and CEO said in response to the 12MP that was tabled at the Dewan Rakyat by Prime Minister Datuk Seri Ismail Sabri Yaakob on Monday.
The Government’s emphasis towards revitalising the OGSE industry alongside other economic sectors, also comes at a critical juncture for local and international OGSE players. The combination of falling global oil demand due to the COVID-19 pandemic related lockdowns and a rise in plans by governments around the world to decarbonise their economies have put OGSE sector on the verge of a major crisis.
“In light of the dynamics confronting the OGSE sector, in particular our local players, this is the moment for OGSE companies to make the following calls, improve their resilience whilst also embracing sustainability and positioning themselves to leverage on the winds of change that is low-carbon. The 31 initiatives outlined in the National OGSE Industry Blueprint set out to provide such strategic direction and it is our hope that the Blueprint will enable the OGSE sector to successfully navigate the downturn, grow in capabilities and strength to better navigate the energy transition,” he said, adding that MPRC is supportive of the 12MP’s objective in realising the potential of Malaysia’s gas subsector as a regional gas trading hub.
On the Prime Minister’s carbon-neutral pledge for the nation by 2050, Mohd Yazid said this “sends a strong signal that industries, including OGSE players and companies need and should take action to not only be a part of this decarbonisation movement but to help shape these efforts to secure Malaysia’s sustainable carbon-neutral future.”