AMCHAM Singapore Session: The Way Forward for The Malaysian Oil and Gas Industry

The oil, gas and energy industry is central to Malaysia’s economic growth, contributing to one-fifth of the national GDP over the past decade. With new opportunities for investment in the sector, the government of Malaysia has designated this sector as one of its 12 New Key Economic Areas (NKEA) under its  Economic Transformation Program. This NKEA is set to achieve an annual growth rate of 5% up to year 2020, transform Malaysia into a regional oil trading and storage hub as well as ensuring long-term energy supply security to the domestic market. Collectively, entry point projects for this NKEA are projected to generate GNI of RM131.4 billion and create 52,300 new jobs by 2020.

As such, Malaysia has seen significant investments in the upstream and downstream sector led by Petronas, Malaysia’s fully integrated oil and gas multinational. Additionally,  Malaysia Petroleum Resources Corporation (MPRC) established in 2011 is mandated to promote, catalyse and transform the oil and gas services sector to become stronger entities in the industry. The ultimate objective is to position Malaysia as the number one oil and gas hub in the Asia Pacific region.

The presentation will focus on the Petronas’ future growth strategies and MPRC’s initiatives to enhance infrastructure, policy and frameworks to ensure business friendly and sustainable ecosystem for the oil and gas sector for Malaysia.