KUALA LUMPUR, April 27 (Bernama) -- Malaysia Petroleum Resources Corporation today introduced the Oil and Gas, Services and Equipment Development Grant (OGSE DG) in conjunction with the launch of the National OGSE Industry Blueprint 2021-2030 to assist high potential local OGSE companies in increasing competitiveness in the OGSE industry.

“The OGSE Development Grant is developed with OGSE Small Medium Enterprises (SMEs) and Mid-Tier Companies (MTCs) in mind. In line with the newly launched 10-Year National OGSE Industry Blueprint, it is hoped that the Development Grant will help enhance local players’ competitiveness through innovation in technology, and help accelerate their move towards commercialisation and exports,” Mohd Yazid Ja’afar, MPRC President and CEO said, adding that the organisation aims to support at least 20 local OGSE companies per year.

Designed by MPRC, the OGSE Development Grant comes at a time when OGSE companies are still reeling from the effects of low oil prices in 2020 brought on by an oversupplied market and destruction in oil demand as governments around the world imposed travel restrictions and lockdown orders to stem the spread of the COVID-19 pandemic. Some OGSE firms had barely recovered from the 2014-2016 oil price drop when the pandemic struck.

“This is a targeted support for eligible OGSE companies. While it is not a panacea, the idea is to help these OGSE companies close the gap in any parts of their journey towards commercialisation,” Mohd Yazid said.

The OGSE Development Grant is part of the Twelfth Malaysia Plan (12MP) to assist and facilitate high potential OGSE SMEs and MTCs to move and develop their technology and innovation along the complex stages of the commercialisation process. Scope of funding under the five-year OGSE Development Grant covers Sector-specific Intelligence, Intellectual Property, Consultation, Marketing and Promotion, POC/Prototype Development and International Standard or Certification. The grant is a matching fund on a 70:30 basis. Details of the OGSE Development Grant are available at www.mprc.gov.my/OGSEDG

To further support the local OGSE innovation and technology scene, the Government, via MPRC, will also establish a cross-agency collaboration platform to look at opportunities such as access to funding, intellectual property, information-sharing on relevant research areas and commercialising innovation and technology.

This effort, the Oil and Gas Innovation-Technology Collaboration or OGITEC will also facilitate the exchange of ideas and discovery insights among government agencies to help streamline processes. When implemented, it is hoped that OGITEC will help the OGSE step up their game.

NOTE TO EDITORS

About MPRC
Malaysia Petroleum Resources Corporation (MPRC) was established to advance the local oil and gas services and equipment (OGSE) industry. Formed in 2011 and currently an agency reporting to the Economic Planning Unit in the Prime Minister’s Department, MPRC provides policy recommendations to the Government in the oil, gas and energy space. 

SOURCE: Malaysia Petroleum Resources Corporation (MPRC)

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Liew Jeen Huey
Strategic Communications
Tel: +6017-221-0897

Name: Lim Shie-Lynn
Strategic Communications
Email: lynn.lim@mprc.gov.my

--BERNAMA