The Oil & Gas, Services, and Equipment 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, said 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 know-how. The government will press on with our efforts to engage and collaborate with the industry,” said Mustapa in his keynote address at the National OGSE Roadshow 2022 today.
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,” said Mustapa.
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.
“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.
