MOGSEC 2018: Malaysia’s oil & gas sector on a growth mode
Malaysia’s oil & gas sector is projected to have an annual growth rate of 5% until 2020, driven by the rise of the crude oil prices and improved economic conditions.
Read: MOGSEC 2018: Malaysian oil/gas and energy companies warned to be wary of capricious oil prices
Meanwhile, to maintain the expected growth, the industry has invested heavily into enhancing the output of existing oil & gas fields as well as new marginal fields, while also enhancing the exploration and development of deepwater areas.
It is against this backdrop that the upcoming MOGSEC will be held to provide a platform for up to 350 oil & gas service providers to showcase their latest technology, equipment, and machinery in the fields of oil, gas and petrochemical engineering under the theme of “Catalysing Regional Growth in Oil & Gas”.
It will provide possible collaborations and partnership opportunities with other players locally or regionally, in terms of technologies, integrated solution, quality talent, or export capabilities.
MOGSEC President, Sharifah Zaida Nurlisha announced that, “Malaysia continues to be one of the fastest growing economies in the Asia Pacific region, and the oil & gas sector has created plenty of opportunities for businesses in the O&G services industry.”
According to Alun Jones, Country Manager of United Business Media (UBM) Malaysia, the organiser of MOGSEC 2018, the upcoming event will not only showcase local talent but also raise the bar for other companies.
“The landscape in the oil & gas industry is changing, especially after the brief drop in oil prices, and people are a little more discerning with their advertisements and promotions. MOGSEC gives the opportunity to smaller players who might not have a big marketing budget to showcase their products,” he added.
This year’s MOGSEC will be supported by big players, including Malaysia’s national oil and gas company Petronas, Bureau Veritas, Draeger, Geveke Oil & Gas, MMC Oil & Gas Engineering, Sapura Energy Berhad and Velesto Energy Berhad.
With a turnout expected of about 7,000 trade visitors, an optimistic RM400 million is projected in trade deals through products and innovations, and consultancy packages, said UBM.
MOGSEC 2018 will also feature Sarawak and Sabah pavilions for the first time, thanks to sponsorships by Petronas. The event has also introduced Innovation Awards, designed to encourage local players to enter the competition and receive the recognition they deserve.
“It’s not just about booths, it’s about adding value to exhibitions,” added Jones.
Sharifah believes that MOGSEC has a responsibility to promote the idea that Malaysians have the capabilities to sell to the top stakeholders. Therefore, only companies based in Malaysia, even if they are foreign players, are allowed to exhibit. She invites foreign investors to attend and capitalise on local innovations.
MOGSEC 2018 is scheduled to run at the Kuala Lumpur Convention Centre from 25-27 September 2018.