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ETP ANNUAL REPORT 2011
Oil, Gas and Energy
The Oil, Gas and Energy (OGE) National Key Economic Area (NKEA)
is targeting five per cent annual growth for the sector from 2010
to 2020. This is ambitious, particularly against a backdrop of
the natural two percent decline of oil and gas production
To meet this target, the OGE NKEA will focus on four key thrusts:
sustaining oil and gas production, enhancing downstream
growth, making Malaysia the number one Asian hub for oil field
services and building a sustainable energy platform for growth.
The OGE NKEA Lab in 2010 identified 12 Entry Point Projects (EPPs)
as well as two business opportunity thrusts. Combined, they are
projected to deliver RM131.4 billion in Gross National Income
(GNI) and create an additional 52,300 jobs in the OGE sectors. A
significant proportion of these jobs will be highly-skilled, with an
estimated 21,000 (40 per cent) for qualified professionals such as
engineers and geologists.
Exhibit 2.1
38
240
130
120
110
100
90
80
70
60
50
40
30
20
10
0
2020 GNI contribution
(RM billion)
8.5
4.0
E & P Downstream
14.3
20.3
47.1
OFSE Energy Total
EPPs
7.4
Business
Opportunities
Beyond sustaining the production of oil and gas, the OGE NKEA
will also focus on growing the downstream area of the sector,
providing insulation against price shocks in the global commodity
market. It will also be responsible for building a sustainable energy
platform for the rakyat and business.
Over the course of 2011, significant strides have been made in the
sector, notably the approval of the Petroleum Income Tax Act (PITA)
Amendment Bill, which aims to incentivize exploration of marginal
oil and gas fields. Significant investments have been made by
major industry players such as Shell, ExxonMobil, Petronas, Dialog
Group and Royal Vopak in line with the four strategic thrusts
of the NKEA. Dedicated bodies such as the Malaysia Petroleum
Resources Corporation (MPRC) have been set up to streamline
cooperation between the government and private sectors.
12 EPPs, two business opportunities, baseline growth and multiplier effect will deliver
RM131.4 billion incremental GNI impact by 2020
53.8
Baseline
Growth
23.1
131.4
Multiplier Total
GNI
Impact
109.6 241.0
2009
GNI
2020
GNI