Country Wins Bid for First Offshore Technology Conference in Asia, Entrenches its Position in the Global Oil & Gas Industry
2 October, Kuala Lumpur – Projects in offshore Malaysia are forecast to see the largest capital expenditure increase in the region, at over USD59 billion (RM176 billion) over the next five years – ahead of even China and India – according to a recent market report.
The Regional Perspectives Offshore Asia Oil & Gas Market Report to 2015* predicts that deep water developments in Malaysia will continue to gather pace, with 84 fixed platform units and 8 floating production units to be installed between 2011 and 2015. During the same period, the country is also expected to spend some USD7.2 billion (RM23 billion) on 2,490km of pipelines, ranking it first in the Asia pipelines market. It is also leading the foray in subsea development, with an expected 57 units laid during this period.
“As the world and the region continues to source for undiscovered hydrocarbon resources and to maximises maximise already developed fields, Capex investments in exploration and production activities, such as offshore technology, is important for long producing countries like Malaysia, to tackle production decline, and to continue to compete with new players, as smaller countries, such as Brunei, Bangladesh and Myanmar come into the market,” said Dr. Arnis Judzis, Offshore Technology Conference (OTC) Board of Directors representative and OTC Asia Event Oversight Committee member.
At the launch of the inaugural Offshore Technology Conference Asia 2014 (OTC Asia 2014) here today, Dr Judzis said that, “Asia is becoming increasingly important in the world of oil and gas exploration and drilling. The region is supported by strong fundamentals including sustained high rates of economic growth and high oil prices, leading many international operators to expand oil exploration and production activity in a region with a rapidly growing thirst for energy.
“As the demand for fixed, floating and subsea units continue to rise, we envision the players here making technological leaps in drilling, exploration, production, and environmental protection over the next few years. We hope that OTC Asia will help facilitate meet the industry’s challenge of continuing to find and produce energy resources efficiently and effectively by providing a platform for industry professionals to share their technical knowledge and experiences,” he said.
Asia Pacific’s offshore resource development, which already accounts for almost 30% of the 306 exploration and production projects worldwide, is poised for aggressive growth in the next five years.
According to him, Malaysia was selected over three other regional capitals to host the inaugural OTC Asia conference and exhibition, given the growing size and level of activities of the oil and gas industry, coupled with very strong support from the national oil company, PETRONAS and government agencies.
Tan Sri Dato’ Shamsul Azhar Abbas, President & CEO, PETRONAS and Chairman of the Advisory Committee for OTC Asia 2014 is leading the charge in making this inaugural OTC Asia event a success.
At the industry reception today Tan Sri Dato’ Shamsul said, “The next couple of years are set to be a period of prolonged economic and financial market uncertainty, and yet energy requirements will see an upward trend in light of growing population, economic expansion and urbanisation. As Malaysia continues to position itself as a regional hub for oil and gas services, we fully realise the value of participating in technological exchanges facilitated by conferences such as the OTC.
“It is indeed an honour and privilege for PETRONAS to host the pilot Asian chapter of the world’s foremost event for the development of offshore resources in the fields of drilling, exploration, production and environmental protection.
Our lead in OTC Asia signals the effort we are placing to augment the region’s energy sector in realising its fullest offshore potential. This, we believe, is part of our bigger intent to continuously provide sustainable and economically viable energy supply.”
Dato’ Wee Yiaw Hin, Executive Vice President, Exploration & Production PETRONAS underscored the significance of the event, saying, “OTC Asia will provide the platform for local, regional and international companies and professionals to showcase the latest offshore technologies in support of the growing Exploration and Production opportunities in Asia,” he said.
OTC Asia 2014 is expected to draw over 10,000 engineers, technicians, executives, operators, scientists, and managers from all fields in the offshore exploration and production industry representing more than 50 countries. OTC Asia, to be held biennially, will focus on region-specific issues and technologies.
*The Regional Perspectives Offshore Asia Oil & Gas Market Report to 2015 was commissioned by the Offshore Technology Conference Board.
About OTC
Founded in 1969, the Offshore Technology Conference is the world’s foremost event for the development of offshore resources in the fields of drilling, exploration, production, and environmental protection. OTC is held annually at Reliant Center in Houston. Each year, OTC attracts more than 70,000 attendees and 2,000 exhibiting companies representing more than 110 countries.
About OTC Asia 2014 (www.otcasia.org)
The inaugural OTC Asia will be held 25-28 March 2014 at the Kuala Lumpur Convention Centre (KLCC) in Kuala Lumpur, Malaysia. It is organised by 13 sponsoring societies, will bring industry professionals to Asia's oil and gas hub to meet, share knowledge, and discover cutting-edge technologies. OTC Asia is a must-attend event, offering a peer-selected technical programme which focuses on the full spectrum of offshore technology in drilling, exploration, production, and environmental protection. PETRONAS is the exclusive Corporate Supporting Organisation for OTC Asia 2014. Additional information about speaker, exhibition and sponsorship opportunities can be found at www.otcasia.org or email otcasia@otcnet.org
A Malaysian Task Force comprising representatives from the Malaysia Petroleum Resources Corporation (MPRC), Malaysia External Trade Development Corporation (MATRADE), the Malaysia Investment Development Authority (MIDA), Malaysian Oil & Gas Services Councils (MOGSC) and the International Conference and Exhibition Professionals (iCEP) has been created to ensure the event meets the needs of the industry.
OTC Asia will be held in conjunction with the annual Formula 1 Grand Prix in Malaysia, offering participants of OTC Asia and F1 enthusiasts a unique opportunity to experience both prestigious events and the famous Malaysian hospitality simultaneously.
Issued on behalf of OTC Asia 2014 by bcm publicrelations. Media contact: Sheila Jaya Pooomy, s.poomy@bcmpublicrelations.com