Crucial for Malaysian O&G companies to innovate to survive — Dr Mahathir

KUALA LUMPUR: Prime Minister Tun Dr Mahathir Mohamad says the oil and gas (O&G) industry remains volatile and therefore, it crucial that Malaysia continues to highlight its potential in the oil, gas and energy (OGE) sector while keeping up-to-date with the latest innovation and technology to strengthen its position.

He said this in his support message for the upcoming Asian Oil, Gas & Petrochemical Engineering Exhibition (OGA) series which will be returning next month to showcase the latest cutting-edge technology and the most innovative companies/individuals in O&G industry.

Billed as the region’s largest O&G show, the OGA 2019 will involve 2,000 participating companies from 60 countries/regions and 11 international pavilions. Over 23,000 trade and professional visitors are expected to converge at the event for deliberations on the industry’s challenges and opportunities.

Dr Mahathir said the O&G industry remains volatile despite an anticipated recovery in crude oil prices with expected increase in both upstream and downstream activities.

“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 innovation 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.

He added: “In these testing times when the O&G industry is on a rebound, OGA is a timely and effective platform to highlight the nation’s and region’s potential in oil and gas. It should also help in positioning Malaysia as the regional hub for O&G innovation.”

Towards this end, the inaugural OGA Innovation Award 2019 (OIA 2019) will be launched during OGA 2019 to recognise and honour local companies and individuals at the forefront of homegrown innovation.

Its objective is to promote innovation within the O&G Service Providers and related industries and academia as well as spotlight SMEs and recognize Malaysian homegrown innovation.

OGA 2019 is endorsed by the Malaysia External Trade Development Corporation (Matrade).

It is supported by the Prime Minister’s Department, the Ministry of International Trade & Industry (MITI), Ministry of Tourism, Arts & Culture Malaysia (MOTAC), Malaysian Convention & Exhibition Bureau (MYCEB), Malaysian Investment Development Authority (MIDA), Malaysian O&G Services Council (MOGSC), Institution of Engineers Malaysia (IEM), Malaysian Petroleum Resources Corporation (MPRC), Malaysian Offshore Contractors Association (MOCA) and the Malaysia OSV Owners’ Association (MOSVA).

Source: https://www.theborneopost.com/2019/05/23/crucial-for-malaysian-og-companies-to-innovate-to-survive-dr-mahathir/