National OGSE Sustainability Roadmap (NOS-R) in the works
KUALA LUMPUR, 23 NOVEMBER 2023 – Malaysia Petroleum Resources Corporation (MPRC) is spearheading the development of the National OGSE Sustainability Roadmap (NOS-R) aimed at guiding Oil & Gas Services and Equipment (OGSE) companies in adopting and reporting on sustainability practices.
Mohd Yazid Ja’afar, President/CEO of MPRC said, “NOS-R marks the first of its kind tailored to the needs of the OGSE industry which will help simplify and provide clarity in addressing the resource constraints faced in adopting and disclosing sustainability practices.”
Speaking at the National OGSE Sustainability Forum 2023 organised by MPRC here today, Mohd Yazid added that since 2022 MPRC, an agency of the Ministry of Economy, has been working with OGSE ecosystem stakeholders via a series of surveys and workshops to develop and implement the three-part OGSE sustainability agenda.
Following the introduction of the National OGSE Sustainability Plans (NOS-P) last year, which identified opportunities and recommended sustainability practices to OGSE companies, NOS-R represents the second phase of the sustainability agenda. Scheduled for completion in the first quarter of 2024, NOS-R will identify materiality topics relevant to OGSE companies and provide simplified sustainability reporting standards targeted at small and medium-sized enterprises.
The three-part sustainability programme will then be punctuated by the introduction of the National OGSE Sustainability Framework (NOS-F) at the end of 2024, providing a comprehensive guide for OGSE companies to implement NOS-R and report on sustainability practices effectively.
“We understand that OGSE companies, especially SMEs, face resource constraints in implementing sustainability practices, which are key to the energy transition. However, the OGSE industry must adapt due to stricter requirements from customers, regulators, investors, and financial institutions,” said Datuk Dr Yatimah Sarjiman, Deputy Secretary General (Sectoral) of the Ministry of Economy, who officiated the National OGSE Sustainability Forum 2023.
To this end, she noted, “The Ministry is exploring working with the financial sector to establish a mechanism for financing the energy transition, enabling companies to take part in green projects, as recently announced by the Honourable Minister of Economy.” She also commended MPRC’s initiative to facilitate the OGSE industry’s pivot towards sustainability in line with the National Energy Transition Roadmap (NETR).
To expedite climate action, the private sector was encouraged to play a role in energy transition, while OGSE companies were urged to adopt sustainability practices for securing the environment’s future and enhancing their business resilience and competitiveness.
Themed ‘OGSE in Transition - Partnering to Accelerate Sustainability’, the National OGSE Sustainability Forum 2023 underscored collaborative efforts within the OGSE industry to foster sustainable practices in line with Malaysia’s net-zero goals.
Now in its fourth annual instalment, the forum brought together nearly 400 participants from the OGSE industry, government agencies, and sustainability experts from the energy, capital market, and financial industries. The event featured sessions discussing financial challenges, resource considerations, ESG, and energy transition within the OGSE sector.
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About MPRC
Established in April 2011, Malaysia Petroleum Resources Corporation (MPRC) is an agency of the Ministry of Economy tasked with advancing Malaysia's Oil and Gas Services and Equipment (OGSE) sector and serves as custodian of the National OGSE Industry Blueprint 2021-2030. MPRC also provides policy recommendations to the Government in the oil, gas, and energy industry. As countries the world over, including Malaysia, embark on the energy transition, MPRC further advocates for OGSE companies to pivot towards cleaner and sustainable renewable energy as new areas for business growth.
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