KUALA LUMPUR, 9 NOVEMBER 2023 – The Mid-Term Review of the National OGSE Industry Blueprint 2021-2030 (OGSE Blueprint) next year will encompass sustainability and energy transition for the OGSE industry as Malaysia accelerates its low-carbon aspirations to achieve net zero GHG emissions as early as 2050.

“Malaysia Petroleum Resources Corporation (MPRC) will lead the review with other OGSE Blueprint partners, taking into account the latest developments and policies related to OGSE as announced by the Government namely the Mid-Term Review of the Twelfth Malaysia Plan, the National Energy Policy 2022-2040 and the National Energy Transition Roadmap (NETR),” said YB Rafizi Ramli, Minister of Economy who chaired the Fourth Meeting of the OGSE Blueprint Implementation Steering Committee today.

He further reiterated Malaysia’s OGSE potential as one of the key contributors of the country’s economy. However, the industry should seize opportunities to participate in High Growth High Value (HGHV) Industry based on energy transition as outlined in the Twelfth Malaysia Plan Mid-Term Review. This pivot is crucial given the stronger climate commitment as well as greater push towards decarbonisation which will impact the future of the oil and gas industry.

Mohd Yazid Ja’afar, President/CEO, MPRC elaborated that the Mid-Term Review of the OGSE Blueprint would provide guidance on sustainability practices for OGSE companies in view of stricter requirements for the adoption and disclosure of sustainability from clients, regulators and financiers.

In addition, the Mid-Term Review of the OGSE Blueprint will also explore the operationalisation of Initiative 15: Special Growth Facility for Nascent Adjacencies aimed at providing a direct financial platform for OGSE companies to move into adjacent sectors to build resilience as well as facilitate the smooth and gradual transition of the industry into adjacencies within new energy.

In addition to the Mid-Term Review, MPRC and the OGSE Blueprint partners would also deliver on OGSE Blueprint focus areas for 2024 including:

• 150 OGSE skilled workers targeted for upskilling/certification to boost their employability and income

• Promotion of OGSE career opportunities to secondary school and tertiary students to ensure depth of the OGSE talent pipeline

• Commencement of OGSE intellectual property (IP) trading to promote innovation and technology adoption amongst OGSE companies

• Developing and facilitating financial assistance programmes for OGSE companies

• Facilitation of exports and overseas business opportunities for OGSE companies

“I envision that these OGSE Blueprint efforts will continue to empower the OGSE industry and urge all parties involved to redouble their efforts towards the industry’s sustainability,” concluded YB Rafizi.

Apart from deliberating on the 2024 initiatives and Mid-Term Review, the Steering Committee for the OGSE Blueprint Implementation also reviewed the OGSE Blueprint’s progress from 2021-2023 (See Appendix for more details).