Malaysia's PM looks offshore

Gurdip Singh
Special Correspondent

KUALA LUMPUR, Malaysia -- Prime Minister Abdullah Ahmad Badawi wants to see Malaysian service companies venturing beyond local waters to compete and succeed in the fast-growing global deepwater market. He was speaking at the opening of the Asia Oil and Gas Conference in Kuala Lumpur, Malaysia.

The minister says the local industry has made significant progress in becoming a regional center for deepwater expertise. "As the country embarks upon the development of its deepwater acreages, there is an increasing focus on building the capability of Malaysians and Malaysian companies," he said.

Malaysia has nearly completed its first deepwater oil and gas field development project, Kikeh, offshore Sabah state on Borneo. The Malaysian industry, led by Shell, also has launched the second deepwater Gumusut field development.

Abdullah called on the Asian national oil companies (NOCs) and other oil and gas participants to invest in technology and innovation. He said such investments are vital for Asia to remain relevant in a very competitive industry.

The minister pointed out the projected $7.8-trillion investment in key infrastructure along the Asian energy value chain from 2004 through to 2030, emphasizing the need for NOCs and other oil and gas industry participants to work out a greater collaboration.

6/11/2007