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PRIME MINISTER OF MALAYSIA SUPPORTS OGA 2019
Despite experiencing a freefall in recent times, the oil and gas industry is poised to witness recovery in crude oil prices with expected increase in both upstream and downstream activities.
Nevertheless, the industry remains volatile. Faced with maturing oil fields, declining domestic production and a finite fuel source in the face of accelerated economic growth, the main challenge for energy suppliers is not just the availability of alternative energy supply but also the commercial potential of these resources.
It is therefore crucial that Malaysia continues to highlight its potential in the Oil, Gas and Energy (OGE) sector while keeping up-to-date with the latest innovations and technology to strengthen its position. This will not only strengthen Malaysia’s position as a strong oil and gas nation, but also a competent OGE leader, especially in the Asian region.
OIL & GAS ASIA 2019 SOUTH EAST ASIA’S BIGGEST AND BEST PETROLEUM INDUSTRY EXHIBITION
Malaysia’s Oil & Gas show has been running since 1987 and today it has more attendees and more exhibiting companies than any other show in the region. Between 2011 and 2015 the number of exhibitors increased by 44% and the number of attendees increased 48%. The growth in the number of attendees is in part a consequence of Malaysia becoming the petroleum industries regional centre. The growth in the number of exhibitors is in part because 92% of exhibiting companies come back year after year, with many believing it’s the best show they’ve partaken.
ESTABLISHING MALAYSIA AS THE REGIONAL DEEPWATER AND OILFIELD SERVICES HUB
Southeast Asia has around 412 active offshore fields with ongoing field development activities and Malaysia has the maximum offshore projects and accounts for a large portion of the regional Capital Expenditure (CAPEX).
Faced with maturing oil fields, declining domestic production and a finite fuel source in the face of accelerated economic growth, the main challenge for energy suppliers is not just the availability of alternative energy supply but also the commercial potential of these resources.
In the past decade, Malaysia’s Oil, Gas and Energy (OGE) industry has been contributing about one-fifth to the national GDP (Gross Domestic Product).
As part of the Economic Transformation Programme (ETP) that will propel Malaysia forward into a truly developed nation, the OGE sector is targeting 5 percent annual growth until 2020.
To sustain and increase oil & gas production, the focus is on deepwater exploration and EOR of mature fields with Malaysia generating big potential as a regional EOR hub. Hence, it is crucial that Malaysia continues to highlight its oil and gas potential while staying up-to-date with the latest innovations and technology to strengthen its position.
Oil & Gas Asia 2019 happening from 18 – 20 June 2019 at the Kuala Lumpur Convention Centre will be a crucial platform for Oil & Gas technology suppliers to tap into the lucrative business opportunities that exist in this dynamic regional market.
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