KUALA LUMPUR, November 14 — Malaysia is set to incorporate sustainability and energy transition initiatives into the Mid-Term Review of the National Oil and Gas Services and Equipment (OGSE) Industry Blueprint 2021-2030 next year. The review will be led by the Malaysia Petroleum Resources Corporation (MPRC) in collaboration with other OGSE Blueprint partners. Economy Minister Rafizi Ramli highlighted the importance of aligning the OGSE industry with the country’s low-carbon aspirations to achieve net-zero greenhouse gas emissions by 2050.
The Mid-Term Review will consider recent developments and policies outlined in the 12th Malaysia Plan Mid-Term Review, the National Energy Policy 2022-2040, and the National Energy Transition Roadmap. Rafizi emphasized the OGSE industry’s potential as a key contributor to Malaysia’s economy. He urged the industry to seize opportunities in high-growth, high-value sectors aligned with energy transition goals. As climate commitments strengthen and decarbonization efforts intensify, the oil and gas sector is expected to undergo significant changes.
MPRC President and CEO Mohd Yazid Ja’afar noted that the OGSE Blueprint Mid-Term Review would guide companies in adopting sustainable practices to meet increasing demands from clients, regulators, and financiers. The review will also explore initiatives for OGSE companies to transition into adjacent sectors within the new energy field. The OGSE Blueprint MTR aims to facilitate financial assistance programs and enhance overseas business opportunities for OGSE companies. The focus areas for 2024 include developing financial assistance programs and facilitating export initiatives. The move reflects Malaysia’s commitment to position the OGSE industry for sustained growth in line with evolving global energy trends.
