KUALA LUMPUR: The Malaysia Petroleum Resources Corp (MPRC) is expecting a cautious outlook for the oil and gas industry next year, amid ongoing global uncertainty.
MPRC president and chief executive officer Mohd Yazid Ja’afar noted that the market changes sometimes on a daily basis.
“Even if you look at oil prices, they fluctuate daily,” he told reporters on the sidelines of the officiation of the National Oil and Gas, Services and Equipment (OGSE) Blueprint Forum 2025 here yesterday.
“Then there are so many geopolitical issues at hand that have impacted value chains, and unfortunately that is where the sector is involved,” he said.
Mohd Yazid said MPRC will continue encouraging companies to go beyond the OGSE segment while looking for opportunities in the energy transition.
“There are firm plans in Malaysia and within the region that we can definitely leverage,” he said.
“The OGSE sector is heading in the right direction and in the last four years, we’ve seen some strong progress despite challenges like sustainability and transition.”
He added that it has not been an easy journey but commended the government for its support, which included a RM50mil allocation in the recent budget for the industry.
Within MPRC, Mohd Yazid said some of the key initiatives that will continue to be promoted include a development grant under the 13th Malaysia Plan.
He said this is a matching grant to help the industry innovate and implement a technological drive, as this is a critical component for companies to grow beyond Malaysian shores.
“Another initiative that we have is called the Regional Champions Programme, which focuses on opportunities in Asean – which is also a huge potential area of growth,” he said.
In comparison to its regional peers, Mohd Yazid said local companies are doing well.
“With some of the work we do in Brazil, it’s evident we’re not too shabby. We’re closing in on the pack, but we’re not there yet.”
