MPRC to introduce national oil and gas sustainability framework by end 2024

KUALA LUMPUR: The Malaysia Petroleum Resources Corporation (MPRC) will introduce the national oil and gas services and equipment (OGSE) sustainability framework by the end of 2024, which will provide a detailed guide for how OGSE companies can implement and report on their sustainability practices.

MPRC president and chief executive officer Mohd Yazid Ja'afar said the national OGSE sustainability documents mark the first of its kind, tailored to the needs of the OGSE industry.

"We hope this will help simplify and provide clarity to OGSE companies which face resource constraints in adopting and disclosing sustainability practices," he said at the welcoming speech of the National OGSE Sustainability Forum 2023 here today.

He shared that two sustainability targets outlined in the OGSE blueprint have already made good progress. "Firstly, from an initial target of 70 companies to voluntarily report on their sustainability practices by 2030, 81 out of the country's top 100 OGSE companies have already done so. Furthermore, one company from a target of five companies is now included in the Dow Jones sustainability index," he added.

Looking ahead, he said MPRC aspires to see more OGSE companies embracing sustainability practices, contributing to the ongoing positive momentum in the industry.

"Emphasising the need to be future-ready in a decarbonised world, I'd like to reaffirm MPRC's commitment to supporting the OGSE sustainability agenda, grounded in the goals of the National Energy Transition Roadmap (NETR) and the National Energy Policy 2022-2040 framework," he added.

The National OGSE Sustainability Forum 2023 was officiated by the Ministry of Economy deputy secretary general Datuk Yatimah Sarjiman. - Bernama