Malaysia's PM Najib Razak Opens Inaugural OTC Asia in Kuala Lumpur

In terms of upstream spending in Asia Pacific, the International Energy Agency expects it to rise 36 percent to $323 billion (MYR1.05 billion) in 2016 from $238 billion in 2012. Offshore projects in Malaysia are estimated to see the largest capital expenditure increase in the region, ahead of even China and India, according to an Infield market report. Industry analyst Wood Mackenzie reported that Malaysia’s upstream business contributed 72 percent of Asian exploration discoveries with 1.5 billion barrels of oil equivalent (boe) last year.

Shamsul Azhar Abbas, OTC Asia Advisory Committee chairman, president and CEO, Petronas, said, “OTC Asia will provide the relevant platform for local, regional and international companies and professionals to showcase the latest offshore technologies in support of the growing E&P opportunities in Asia. We view the OTC series as a significant platform for industry players to congregate and collectively identify avenues to propel the oil and gas industry to greater heights.”

He added, “By hosting OTC in Malaysia, we will be able to raise awareness of Malaysia’s technological capability and elevate our capacity, altogether contributing towards our ambition to become the number one hub for oil and gas services and related industries for the region.”

Edward Stokes, chairman, OTC Board of Directors said, “The mission of OTC, wherever it is held, is to promote the exchange of ideas, collaboration, networking and making the latest technology trends of the offshore oil and gas industry readily available. We aim to achieve this while giving due consideration to safety, sustainability and the sensitivity of the environment for the benefit of our society members, participants and the general public.”

He also said, “The resounding success of OTC Asia 2014 is testament to the coordinated and productive collaboration between OTC Asia and Petronas. Petronas has contributed their time, and generously shared their expertise and knowledge of the offshore oil and gas industry in Malaysia and the region to help make OTC Asia the foremost offshore oil and gas event in Asia.”

OTC Asia is bringing together energy professionals to discuss and address issues and find solutions in areas such as drilling, exploration, production and environmental protection. The conference will highlight Asia’s growing importance in the global energy mix and aims to meet the challenges facing the region, hence the conference’s theme – “Meeting the Challenges of Asia’s Growth.”

The speakers also recognized the dedication and commitment of the hundreds of volunteers on the various committees who have worked tirelessly to execute the concept of OTC Asia. Specifically highlighted were the Malaysian Investment Development Authority, MIDA, the Malaysia External Trade Development Corporation, MATRADE, and the Malaysian Oil and Gas Services Council, MOGSC.