Govt Outline Initiatives To Grow The OGSE Industry

The Economic Planning Unit (EPU) and Malaysia Petroleum Resources Corporation (MPRC) plan to kick off 15 initiatives this year under the National Oil & Gas, Services and Equipment (OGSE) Industry Blueprint 2021-2030.

Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said that the 15 initiatives are aimed at strengthening and growing the OGSE industry that will continue to address systemic issues confronting the sector, specifically in the areas of technology, talent, and funding.

“EPU, alongside MPRC, will continue to work closely with ministries, agencies, Petronas, industry players and relevant stakeholders to realise the vision and goals set out in the OGSE blueprint,” he said at the second steering committee meeting for the blueprint.

In a statement, the minister was also quoted as saying that the government, via MPRC, will also introduce a sustainability plan for the OGSE sector later this year to complement efforts under the blueprint.

He said that RM7 million has been approved under the OGSE Development Grant, another joint effort by EPU and MPRC to support the sector’s continued growth, to 31 OGSE companies since it was launched in April 2021.

Mustapa said it is important that both the blueprint and the complementary efforts by the government and MPRC continue to gain traction among industry players.

According to him, the OGSE industry is undergoing significant challenges although oil prices have recovered and economies are moving from pandemic mode to the endemic phase.

“MPRC, as an implementation agency and blueprint secretariat, will step up on our work towards engagements with stakeholders and industry players, to ensure that the challenges faced are recognised and addressed,” he added.

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