The Malaysian Government has introduced the National Oil and Gas Services and Equipment (OGSE) Industry Blueprint 2021-2030, which aims to accelerate the development of local OGSE in line with the evolving needs of the global energy market. Minister in Prime Minister’s Department (Economy) Dato’ Sri Mustapa Mohamed stated that with the launching of the Blueprint, the OGSE industry will have a clear direction to accomplish growth and increase its competitiveness, particularly by leveraging on technical expertise and developing low-carbon tech solutions.
The federal government economic unit, Economic Planning Unit (EPU), and its energy-focused agency Malaysia Petroleum Resources Corp (MPRC) are tasked to lead the development of OGSE and coordinate the efforts and progress as specified by the blueprint. The blueprint has underlined 4 strategic pillars namely Competitiveness, Resilience, Development, and Sustainability, as well as 31 initiatives to be implemented in three phases starting from 2021.
The blueprint includes sector-wide recommendations on the sector’s structural challenges hindering the growth of the sector, including industry fragmentation and a concentration of low complexity work scopes, and ways to overcome them.
A grant of MYR 25 million (USD 6 million) has been allocated under the 12th Malaysia Plan to assist and facilitate high potential OGSE small-medium enterprises (SMEs) and mid-tier companies (MTC) to develop their technology and innovation along the complex stages of the commercialization process.
In addition, the blueprint ensures that the OGSE industry will be better equipped to secure opportunities in many sectors within the local and global markets. The local agencies are now seeking strategic collaborations, partnerships, and investments to advance the OGSE sector’s value proposition in the energy transition.
(Sources: MPRC; The Star; New Straits Times)
