KUALA LUMPUR, Nov 9 — The Mid-Term Review of the National Oil and Gas Services and Equipment (OGSE) Industry Blueprint 2021-2030 next year will encompass sustainability and energy transition for the industry as Malaysia accelerates its low-carbon aspirations to achieve net zero greenhouse gas emissions as early as 2050.

Economy Minister Rafizi Ramli said 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 in the Mid-Term Review of the 12th Malaysia Plan (12MP MTR), the National Energy Policy 2022-2040 and the National Energy Transition Roadmap.

He reiterated Malaysia’s OGSE potential as one of the key contributors to the country’s economy.

"However, the industry should seize opportunities to participate in high growth high value industry based on energy transition as outlined in the 12MP MTR.

"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,” he said in a statement after charing the OGSE Blueprint implementation steering committee today.

Meanwhile, MPRC president and chief executive officer Mohd Yazid Ja’afar said the OGSE Blueprint MTR will provide guidance on sustainability practices for OGSE companies in view of the stricter requirements for the adoption and disclosure of sustainability from clients, regulators and financiers.

In addition, he said the OGSE Blueprint MTR will also explore one of the initiatives on how OGSE companies will move in adjacent sectors to build resilience and its gradual transition into such sectors within the new energy field.

The statement said MPRC and the OGSE Blueprint partners will deliver on focus areas for 2024 to develop and facilitate financial assistance programmes and to pave the way for exports and overseas business opportunities for OGSE companies. — Bernama