Malaysia OGSE Blueprint Initiatives Focus on Tech, Talent, Financing in 2022
KUALA LUMPUR, 25 April 2022 – As the National OGSE Industry Blueprint 2021-2030 marks its first year of implementation in support of the oil and gas services and equipment (OGSE) industry, the Economic Planning Unit (EPU) and Malaysia Petroleum Resources Corporation (MPRC) today announced plans to kick-off a further 15 initiatives under the Blueprint to strengthen and grow the industry in the next decade and beyond.
“The 15 Blueprint initiatives that are set to commence this year will continue to address systemic issues confronting the sector, specifically in the areas of technology, talent, and funding. EPU, alongside MPRC, will continue to work closely with ministries, agencies, PETRONAS, industry players and relevant stakeholders to realise the vision and goals set out in the OGSE Blueprint,” Minister in the Prime Minister’s Department (Economy), Dato’ Sri Mustapa Mohamed said at the second steering committee meeting for the Blueprint. The OGSE Blueprint was launched in April 2021 and outlined 31 initiatives for sector-wide improvements. [Refer to supporting Blueprint FACTBOX for detailed information]
Dato’ Sri Mustapa Mohamed added that ensuring the Blueprint followed through its recommendations and initiatives are key to ensure the OGSE industry remains relevant in a landscape that is fast pivoting to a low-carbon, greener future. “To complement efforts under the Blueprint, the Government, via MPRC, will also introduce a Sustainability Plan for the OGSE sector later this year, which will serve as a guideline for industry players, particularly the SMEs to get into sustainability reporting and adopting sustainable business practices, while also looking at opportunities to introduce low-carbon technologies or solutions to the sector.”
He further added that OGSE Development Grant, another joint effort by EPU and MPRC to support the sector’s continued growth, has approved RM7 million to 31 OGSE companies since it was launched in April 2021.
“It is important that both the Blueprint and the complementary efforts by the Government and MPRC continue to gain traction among industry players. I am pleased to note that MPRC will be conducting roadshows around Malaysia, beginning with Terengganu, Sabah, and Sarawak in the coming months to reach out to industry players and stakeholders in these states,” Dato’ Sri Mustapa Mohamed added.
MPRC President and Chief Executive Officer, Mohd Yazid Ja’afar, further elaborated that these efforts are being made to support and further develop a sector that has long contributed to Malaysia’s economic development. “The OGSE industry is undergoing significant challenges, even as oil prices have recovered and as economies move from pandemic-mode to the endemic phase. For OGSEs to pivot towards growth, these challenges need to be addressed immediately. MPRC, as an implementation agency and Blueprint secretariat will step up on our work towards engagements with stakeholders and industry players, to ensure that the challenges faced are recognised and addressed.”