Malaysia’s OGSE Sector Urged to Pursue Global Expansion and Innovation for Long-Term Resilience

KUALA LUMPUR, Sept 26 — The Ministry of Economy has urged Malaysia’s Oil & Gas Services and Equipment (OGSE) sector to strengthen resilience by expanding globally and investing in innovation.

Speaking at the OGSE Industry Blueprint 2021-2030 Steering Committee meeting, Secretary General Dato’ Nor Azmie Diron emphasized the need for OGSE companies to secure larger international contracts and boost research and development (R&D) capacity. He also highlighted opportunities in the emerging Carbon Capture, Utilisation and Storage (CCUS) sector, where Malaysian firms possess transferable skills.

OGSE and global expansion

Malaysia Petroleum Resources Corporation (MPRC) President/CEO Mohd Yazid Ja’afar reported progress under the OGSE Blueprint Mid-Term Review (MTR). Key achievements included RM24.8 million in commercialised projects funded by the OGSE Development Grant, RM16.15 million in international orders facilitated by MATRADE, and RM14.17 million in alternative financing for 10 companies.

Other highlights included training for 93 participants under CIDB’s certification programmes, facilitation of 55 companies via the i-OGSE portal, and participation of returning Malaysian experts under TalentCorp’s programme.

Nor Azmie reiterated that the OGSE sector plays a vital role in Malaysia’s economy and should capitalise on opportunities from the National Energy Transition Roadmap and 13th Malaysia Plan.

Business News