KUALA LUMPUR, Oct 4 (Bernama) – The Economic Planning Unit (EPU) and Malaysia Petroleum Resources Corporation (MPRC), a federal agency under the former’s supervision, are currently working on formulating the National OGSE Sustainability Plans (NOSP) scheduled to be published by the end of the year in their pursuit of achieving sustainable growth in the oil and gas industry.
Minister in the Prime Minister Department (Economy) Datuk Seri Mustapa Mohamed said that down the line, the government’s plans for oil and gas, services and equipment (OGSE) sustainability will be outlined through the development of the National OGSE Sustainability Roadmap in 2023 and the National OGSE Sustainability Framework in 2024.
“Undertaking this exercise on an annual basis will allow us to address structural changes in this dynamic industry and make adjustments where necessary,” he said in his keynote address at the National (OGSE) Roadshow 2022 here, today.
According to Mustapa, in order for this to happen, the OGSE industry cannot operate in the business-as-usual mode.
He said changes in systems, business models, economic assumptions, market rules and governance frameworks are required to tackle the challenges posed by the energy transition and decarbonisation.
“The OGSE industry plays an integral role in this as industry players are best positioned to advise on technological needs and technical know-how.
The government will press on with our efforts to engage and collaborate with the industry. In today’s interconnected and globalised world, no man is an island,” he said.
According to him, it is important that the OGSE industry is able to build upon its resilience towards external shocks and enhance its capabilities towards adjacent skill-sets such as renewable energy, energy storage and decarbonisation as it navigates the global energy transition.
OGSE companies must also embed a sustainability component into their business strategy, he said.
“I firmly believe that those able to develop products and services that address global energy challenges will be around for the long haul. I am optimistic that these initiatives will help OGSE players to meet the needs of the sustainability agenda,” he said.
“As we look back on the implementation of the OGSE Blueprint (National OGSE Industry Blueprint 2021-2030) thus far, we are humbled by the fact that the journey is a marathon and not a sprint.
It is vital for us to have a shared vision for the future, and recognise the importance of providing future generations with secure, affordable and sustainable energy,” he said.
Mustapa said the government through MPRC, has been hard at work to accomplish the initiatives set out in the blueprint since its launch in April last year.
He said the government has committed RM8.48million to 36 companies for the OGSE Development Grant, which aims to accelerate technology adoption. Some of the projects being undertaken by the recipients include robotics and AI analytics, he said.
“We are also making headway with the OGSE company recognition initiative. Formal recognition will allow for targeted support through which industry players will be empowered to meet their working capital needs and expand their businesses, Mustapa added.
To date, almost 500 companies have been recognised as OGSE companies.
— Akses Malaysia
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