Building a sustainable energy platform

A dynamic oil, gas and energy (OGE) sector is key to Malaysia's transformation into a high-income nation. Contributing about 20 per cent to the nation's gross domestic product, OGE has long been a pillar of the Malaysian economy.

Prime Minister Najib Razak is determined to generate about US$40 billion in incremental income from the OGE sector by 2020. "We will ensure that we develop an energy-efficient, diversified and sustainable energy mix to power our future," he says.

There are four key thrusts: sustaining production, enhancing downstream growth, positioning Malaysia as the No 1 Asian hub for oilfield services and building a sustainable energy platform for the country's growth.

"We have surpassed our first-year targets for OGE," says Idris Jala, CEO of PEMANDU and minister in the prime minister's department.

The overall OGE score was 109 per cent last year, encompassing achievements in 12 EPPs identified in this key economic area. PEMANDU reported exceptional results in rejuvenating maturing fields and attracting oil trading companies to set up base in Malaysia. These reflect broad private sector enthusiasm for the country's long-term goals.

"Malaysia's competitive edge has catalysed the transformation of our oil and gas industry to create business opportunities for foreign investors, and our own people in terms of better career prospects and new skills," says Mustapa Mohamed, Minister of International Trade and Industry.

Through the ETP, the country aims to create 52,300 new jobs in the sector, 40 per cent of which would be in specialised fields such as engineering and geology.