Govt’s Energy Policies Provide Opportunities For OGSE Players To Expand, Enter New Markets

KUALA LUMPUR, Nov 5 (Bernama) -- The oil and gas services and equipment (OGSE) sector should see the government’s robust energy transition policies as opportunities to expand, enter new markets and team up with international partners, said Ministry of Economy Secretary-General Datuk Nor Azmie Diron.

He said that policies such as the National Climate Change Policy 2.0 and the Hydrogen Economy and Technology Roadmap set the tone for developing a conducive ecosystem to manage Malaysia’s transition to a low-carbon economy. 

“This, in turn, aimed to address companies’ needs in planning their resources and identifying opportunities for growth.

“I encourage all of you to view these developments as an opportunity to expand your business, enter new markets and team up with international partners,” he said in his keynote address at the National OGSE Blueprint Forum 2024 here today. 

Nor Azmie’s speech was delivered by Ministry of Economy deputy secretary-general (Macro) Datuk Luqman Ahmad.

The secretary-general said the government is cognisant that to achieve visible results, these policies must be accompanied by tangible initiatives that spur spillover impacts that can be scaled up and create transformative and sustainable outcomes for the economy.

Nor Azmie added that for the OGSE sector in particular, the Ministry of Economy will work with the sector’s development agency, Malaysia Petroleum Resources Corporation (MPRC), to gear its initiatives to bridge government policies and aspirations with the sector’s needs.

“Through this approach, we aim to ensure a holistic response to Malaysia’s energy transition and economic growth journey,” he said.

Nor Azmie also highlighted that recent free trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP), as well as Malaysia’s new status as a BRICS partner country, will further impact the business landscape.

Looking ahead, he said the upcoming 13th Malaysia Plan 2026-2030 and the recently announced Budget 2025 will further reinforce the government’s commitment to a decarbonised future, creating implications for the oil and gas and energy industries and its  OGSE supply chain.

-- BERNAMA