The Government will soon establish the Malaysia Petroleum Resource Corp (MPRC) to spur the development of the country’s oil and gas sector.
MPRC interim chief executive officer Dr Shahreen Madros said Prime Minister Datuk Seri Najib Tun Razak would announce details of the agency soon.
“We are looking at human capital requirement, marketing portion and how we can promote the industry further,” he told reporters.
He added that MPRC, a proposal by Performance Management and Delivery Unit, would be stationed under the Malaysian Investment Development Authority.
Meanwhile, at the forum, Petroliam Nasional Bhd (Petronas) exploration & production business executive vice-president Datuk Wee Yiaw Hin said the era of easy oil and gas business in Malaysia was over.
“In order for Petronas to sustain the oil production (around 600,000 barrel per day), it has to get more from the existing fields and unlocking the stranded resources,” he said.
He added that Petronas was currently undertaking aggressive efforts and developing innovative solution to drive the reserve growth.
Wee said in its effort to drive more oil output, Petronas needed to bring in global technology and capability.
“As we are now embarking into deep water sector, we are bringing experts to the field for exploration services as they have technology capabilities that can be used to assist us,” he said citing companies like Shlumberger and Technip who have the expertise to assist the group.
He said apart from getting assistant from the international experts, the local oil and gas players would also gain from working together with them to grow their capabilities.
Another forum’s panelist, Sapura Group president & chief executive officer Datuk Shahril Shamsuddin said local oil and gas players needed to be competent to win oil and gas projects due to very stiff competition .
“We at Sapura have to established ourselves first for our expertise and capabilities before embarking for project tenders. We need to have the capabilities first before opportunity come,” he said.