Malaysia has launched ‘The National Oil & Gas Services and Equipment (OGSE) Industry Blueprint 2021-2030’, a 10-year plan aimed at recovering the country’s oil and gas ecosystem. The blueprint’s four strategic pillars include competitiveness, resilience, development and sustainability. It also covers 31 initiatives that will be implemented in three phases starting from 2021.
The plan aims for the OGSE industry to contribute between RM40 billion and RM50 billion to Malaysia’s GDP by 2030 and to create 60,000 skilled jobs. The plan includes incentives for mergers, consortium formation and technological innovation, as well as an RM25 million OGSE Development Grant to assist smaller businesses in focusing on technological innovations.
OGSE players will also be able to generate half of their revenue from countries outside of Malaysia. Revenue sources will be broadened with non-oil and gas billings accounting for a quarter of total billings by 2030.