MPRC: National Energy Policy 2022-2040 Signals OGSE Companies to Participate in Energy Transition

KUALA LUMPUR, 19 September 2022: The National Energy Policy (Dasar Tenaga Negara –DTN) 2022-2040 launched today sends a clear signal to oil & gas, services and equipment (OGSE) companies to participate in the energy transition as the Government prioritises environmental sustainability.

“The DTN’s low carbon nation aspiration sets the stage for oil & gas industry operators to inject more clean and renewable sources in the country’s primary energy mix. This, in turn, will require OGSE companies, which serve the oil & gas value chain, to enhance their capabilities towards oil & gas adjacencies such as renewable energy,” said Mohd Yazid Ja’afar, President/CEO of Malaysia Petroleum Resources Corporation (MPRC), which is tasked with advancing the OGSE sector. The OGSE industry is also expected to employ low carbon solutions in their work as part of the industry energy transition journey.

In line with this, enhancement of OGSE sector competitiveness and technology capabilities were identified as among DTN initiatives MPRC has been tasked with supporting. In a statement released following the launch of the DTN, Mohd Yazid said MPRC was identified as a core stakeholder for the policy’s action plan A5: Optimise indigenous oil and gas production, led by the Economic Planning Unit (EPU) and PETRONAS.

MPRC would also support action plan E2: Determine national level energy technology priorities and ensure stakeholders deliver the priorities, led by EPU and the Ministry of Science, Technology and Innovation.

“In addition to taking action on the initiatives outlined in the DTN, MPRC will also continue to steer OGSE companies towards the energy transition by promoting initiatives from the National OGSE Industry Blueprint (OGSE Blueprint) 2021-2030. As custodian of the OGSE Blueprint, MPRC urges OGSE companies to explore and leverage on its initiatives aimed at developing a robust, resilient and globally competitive Malaysian OGSE sector which contributes to the sustainable development of national priorities.

“The OGSE Blueprint also supports the National Energy Policy by elevating the capacity and capability of OGSE companies towards adding value to the energy ecosystem. With the DTN in place, we look forward to the OGSE sector playing a vital role as we usher in a new era for the energy sector to contribute to inclusive and sustainable socioeconomic development. This is in line not only with national aspirations, but also UN Sustainable Development Goal (SDG) 7: Affordable and Clean Energy and SDG 13: Climate Action," Mohd Yazid said.