OGSE Industry Can't Operate in Business-as-usual Mode

It is important for the OGSE industry to build upon its resilience towards external shocks and enhance its capabilities towards adjacent skill-sets such as renewable energy, energy storage and decarbonisation.

OGSE Industry Can't Operate in Business-as-usual Mode
Photo by Martin Adams / Unsplash

The Oil & Gas, Services and Equipment (OGSE) industry cannot operate in business-as-usual mode as the Government pursues sustainable growth in tandem with the United Nation’s 2030 Sustainable Development Goals (SDGs), says Dato’ Sri Mustapa Mohamed, Minister in the Prime Minister’s Department.

“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 knowhow. The government will press on with our efforts to engage and collaborate with the industry,” says Mustapa in his keynote address at the National OGSE Roadshow 2022 yesterday.

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He also said as the world navigates the energy transition, it is important for the OGSE industry to build upon its resilience towards external shocks and enhance its capabilities towards adjacent skill-sets such as renewable energy, energy storage and decarbonisation.

“OGSE companies must embed a sustainability component into their business strategy. 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 says.

National OGSE Industry Blueprint

Mohd Yazid Ja’afar, President/Chief Executive Officer, Malaysia Petroleum Resources Corporation (MPRC), also called on OGSE companies, which service the oil & gas value chain, to embrace the anticipated lower carbon nature in traditional oil & gas activities by leveraging on government support available through the National OGSE Industry Blueprint (OGSE Blueprint) 2021-2030.

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“The OGSE industry is also encouraged to explore new growth opportunities in oil and gas adjacent sectors, how best to build up your capabilities to be relevant and succeed in a low-carbon, sustainable energy-focused future. Indeed, we also hope that you leverage on the Government support available through the OGSE Blueprint to help you thrive,” said Mohd Yazid.

The National OGSE Roadshow 2022 marks the final in a series of OGSE Roadshows which have been held in Kuala Terengganu; Kuching and Kota Kinabalu in May, June and August 2022, respectively. The OGSE Roadshows, jointly organised by MPRC and the respective State EPUs under the supervision of the Federal EPU, were conducted to raise awareness on the OGSE Blueprint and the pathways it has set out to shape the continued development of OGSE in Malaysia.

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OGSE Development Grant

Launched in April 2021 to develop a robust, resilient and globally competitive Malaysian OGSE industry, the OGSE Blueprint has recorded some implementation highlights including:

RM8.48 million committed to 36 companies for the OGSE Development Grant. The grant aims to accelerate technology adoption and promote exports, with some of the projects being undertaken by the recipients include robotics and AI analytics.

Over 500 have received OGSE company recognition, allowing for targeted support through which industry players will be empowered to meet their working capital needs and expand their businesses.

Promoting OGSE job opportunities and capacity building to encourage upskilling and certification in line with industry requirements. During a career fair held in Kuala Lumpur in June, MPRC hosted an OGSE Pavilion that consisted of 12 companies which received roughly 3,000 applications for 300 job openings, with 100 successful hirings taking place within three months of the fair.