ID :
142981
Tue, 09/21/2010 - 16:29
Auther :
Shortlink :
https://oananews.org//node/142981
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12 ENTRY POINT PROJECTS IDENTIFIED IN OIL, GAS & ENERGY SECTOR
KUALA LUMPUR, Sept 21 (Bernama) -- The National Key Economic Area (NKEA)
laboratory on oil, gas and energy Tuesday identified 12 entry point projects
(EPPs) that will meet Malaysia's energy demand for the next 10 years.
These EPPs will be developed across the main areas of sustaining oil and gas
production, enhancing growth in downstream activities, making Malaysia the
number one Asian hub for oil field services and building sustainable energy
platform for growth.
The EPPs identified are deploying nuclear energy for power generation, building
solar power capacity, attracting multinational companies to bring their global
oil field service and equipment operations to Malaysia, consolidate domestic
fabricators, develop engineering, procurement and installation capabilities
through strategic partnerships and build a regional oil storage and trading hub.
The details were disclosed by Marina Taib, a member of the laboratory set up by
the Performance Management and Delivery Unit (PEMANDU) at the Economic
Transformation Programme Open Day here Tuesday.
The other entry point projects include unlocking premium gas demand in
Peninsular Malaysia, improving energy efficiency, tapping Malaysia's
hydroelectricity potential, rejuvenating existing fields through enhanced oil
recovery, developing small fields through innovative solutions and intensifying
exploration activities.
The projects would require RM218 billion in funding of which less
than one per cent must come from the private sector, Marina said.
The NKEA laboratories involved more than 500 participants from over 200 private
sector companies, government ministries, agencies, regulatory bodies and
non-governmental organisations.
It is a follow-up to the thousand-person workshop convened in May, during which,
a consensus on key growth sectors were achieved.
Marina also said an additional RM64 billion (US$20.628 billion) would be
required to offset the current decline in oil production and tax rebates.
Addressing a packed room of industrialists, members of the public, potential
investors and academicians at the Putra World Trade Centre, Marina said there
were three key enablers which were required to be put in place to ensure
Malaysia achieved the targets.
These are providing effective investment support to ensure investors are
actively courted and deals are enabled; ensuring investors can bring in the
necessary expatriate talent; and introducing measures to increase the supply of
graduates to staff the approximately 21,000 new jobs which would be created at
or above graduate level by 2010.
Marina also said solar and nuclear power would be developed to overcome the
decline in domestic natural gas production.
"Solar could be a good option for capacity build-up after 2015 as it fulfills
the "green" agenda and enhances energy independence," she said.
As for nuclear energy, Marina said the government must launch the programme
today if it was to become a reality in 2021.
"If nuclear energy is developed, it will be cost competitive but it would take
10 to 11 years to build," she explained.
The laboratory also identified several business opportunities in the oil, gas
and energy industry which, among others, included international exploration and
production projects, increased petrochemical output, enhanced distribution and
marketing of petroleum products, increased electricity consumption, electricity
transmission and distribution volume, and capacity.
-- BERNAMA
laboratory on oil, gas and energy Tuesday identified 12 entry point projects
(EPPs) that will meet Malaysia's energy demand for the next 10 years.
These EPPs will be developed across the main areas of sustaining oil and gas
production, enhancing growth in downstream activities, making Malaysia the
number one Asian hub for oil field services and building sustainable energy
platform for growth.
The EPPs identified are deploying nuclear energy for power generation, building
solar power capacity, attracting multinational companies to bring their global
oil field service and equipment operations to Malaysia, consolidate domestic
fabricators, develop engineering, procurement and installation capabilities
through strategic partnerships and build a regional oil storage and trading hub.
The details were disclosed by Marina Taib, a member of the laboratory set up by
the Performance Management and Delivery Unit (PEMANDU) at the Economic
Transformation Programme Open Day here Tuesday.
The other entry point projects include unlocking premium gas demand in
Peninsular Malaysia, improving energy efficiency, tapping Malaysia's
hydroelectricity potential, rejuvenating existing fields through enhanced oil
recovery, developing small fields through innovative solutions and intensifying
exploration activities.
The projects would require RM218 billion in funding of which less
than one per cent must come from the private sector, Marina said.
The NKEA laboratories involved more than 500 participants from over 200 private
sector companies, government ministries, agencies, regulatory bodies and
non-governmental organisations.
It is a follow-up to the thousand-person workshop convened in May, during which,
a consensus on key growth sectors were achieved.
Marina also said an additional RM64 billion (US$20.628 billion) would be
required to offset the current decline in oil production and tax rebates.
Addressing a packed room of industrialists, members of the public, potential
investors and academicians at the Putra World Trade Centre, Marina said there
were three key enablers which were required to be put in place to ensure
Malaysia achieved the targets.
These are providing effective investment support to ensure investors are
actively courted and deals are enabled; ensuring investors can bring in the
necessary expatriate talent; and introducing measures to increase the supply of
graduates to staff the approximately 21,000 new jobs which would be created at
or above graduate level by 2010.
Marina also said solar and nuclear power would be developed to overcome the
decline in domestic natural gas production.
"Solar could be a good option for capacity build-up after 2015 as it fulfills
the "green" agenda and enhances energy independence," she said.
As for nuclear energy, Marina said the government must launch the programme
today if it was to become a reality in 2021.
"If nuclear energy is developed, it will be cost competitive but it would take
10 to 11 years to build," she explained.
The laboratory also identified several business opportunities in the oil, gas
and energy industry which, among others, included international exploration and
production projects, increased petrochemical output, enhanced distribution and
marketing of petroleum products, increased electricity consumption, electricity
transmission and distribution volume, and capacity.
-- BERNAMA
