Sixteen Malaysian oil, gas companies to participate in OTC 2017 in Houston
Sixteen Malaysian oil & gas companies are participating at the Offshore Technology Conference (OTC) 2017, the largest oil and gas trade exhibition of its kind globally, from May 1 to 4 in Houston, US. Small and medium enterprises (SMEs) from Malaysia will participate in the event alongside large corporations including Petronas.
The objective of the Malaysian companies’ participation is to showcase capabilities and innovation as well as look for global business partners among the attendees from nearly 40 countries.The Malaysia Pavilion will highlight the theme, “Choose Malaysia: Your Oil & Gas Partner in Asia”.
The exhibition is expected to attract over 80,000 oil and gas leaders and experts from around the world.
The Malaysia External Trade Development Corporation (Matrade) said in a statement that it would coordinate participation of the Malaysian companies at the event.In collaboration with Malaysia Petroleum Resources Corporation (MPRC), Matrade will also explore export opportunities in the O&G sector.
Among the products and services being promoted include fittings & flanges, drilling equipment, heat recovery systems, fabrication & repair services, health, safety and environmental consulting services, freight and logistics services, third party engineering inspection and non-destructive testing services.
Leading the Malaysian delegation, Matrade Chief Executive Officer Ir Dr.Mohd Shahreen said Malaysian companies are being encouraged to come up with high innovative products, services and technology, which can add value in order to be successful in the highly competitive industry, especially in the current persistent environment of low-priced oil.
He said Matrade and MPRC both believe that Malaysia can maintain its global competitiveness in the oil and gas industry despite the decline in oil prices over the past few years. “The government will continue to give full assistance in taking Malaysia’s O&G technology and expertise to the world,” he added.
MPRC Vice President for Trade and Investment Ahmad Azwan Ahmad Shukor said, “One of our key focus areas is to promote Malaysian capabilities in international markets, in addition to enhancing Malaysia’s position as the preferred hub for O&G, Services and Equipment (OGSE) activities in the Asia Pacific.”
A conference like OTC Houston is an effective platform for Malaysian OGSE firms to gain exposure, develop strategic partnerships with similar foreign companies and multinational corporations, and assist in potential business ventures in the Asia Pacific.
In 2016, Malaysia’s total trade with the US was valued at US$32.78 billion, where exports stood at US$19.36 billion and imports at US$13.42 billion.
Malaysia’s export of oil and gas products to the US was valued at US$122.1 million, an increase of 53.8% over 2015.Major products exported were crude petroleum oil, fuel oil and jet-fuel.Other oil and gas-related products exported include pipe fittings, tubes, hoses, valves and wellhead Christmas Trees amounting to US$156.2 million.