OGSE industry set to expand with 15 new initiatives this year

KUALA LUMPUR – The National Oil and Gas Services and Equipment (OGSE) Industry Blueprint 2021-2030 will be launching 15 initiatives this year.

Under the joint collaboration of the Economic Planning Unit (EPU) and Malaysia Petroleum Resources Corporation (MPRC), the initiatives are aimed to promote growth and addressing other systemic difficulties which are faced by the sector particularly in the areas of technology, talent and funding.

“EPU together with MPRC, will continue to collaborate with other ministries, agencies, industry players, Petronas and other relevant stakeholders to achieve the vision and goals outlined in the OGSE plans,” Minister in the Prime Minister’s Department (Economy) Datuk Sri Mustapa Mohamed said.

He reported in a statement that the government, through MPRC, is intending to introduce a sustainability plan for the OGSE sector sometime this year in order to complement the efforts under this blueprint.

He explained that the blueprint will be a guide for industry players, especially the small and medium enterprises, so they can begin reporting and adopting sustainable business practises as the government explores opportunities to introduce low-carbon technologies or other solutions to this sector.

Aside from that, he revealed that RM7 million has been authorised for 31 OGSE enterprises under the OGSE Development Grant. This is another joint initiative between EPU and MPRC in order to support this sector’s steady growth since it started in April 2021.

The minister emphasised on the importance that both the blueprint and government’s efforts with the MPRC continue to gain traction among the industry players.

“I am glad to report that MPRC will be doing roadshows throughout Malaysia in the coming months, starting with Terengganu, Sabah, and Sarawak, to engage with industry participants and stakeholders in these areas,” he said.

Also in the same statement, MPRC’s president and chief executive officer, Mohd Vazid Ja’afar, mentioned that these efforts are being made to promote and further grow a sector which is a long standing contributor to Malaysia’s economic development.

He said that the OGSE industry is facing substantial hurdles although the oil prices have recovered and countries are transitioning into the endemic phase.

“As an implementation agency and secretariat for this OGSE blue print, the MPRC will intensify our outreach to stakeholders and industry players to ensure that the difficulties they encounter are recognised and addressed,” he further added.

– BERNAMA

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