Surely now we feel the heat. Swelling heat until we soak with our own perspiration when outdoors. Despite that heat, the market, especially in Oil and Gas is hot too. According to the Malaysian Oil and Gas Services Council (MOGSC), Malaysia’s oil and gas industry will remain competitive in the country being a major regional player with a bullish outlook. Interesting right!
The council’s president said Malaysia’s positive track record, underpinned by Petronas, had boosted confidence among regional market players in doing business with the country’s own participants.
“The current favorable environment, with better oil prices and continued government support, will also boost the prospects for the industry. The prospects are bullish for at least the next five years. Now is also the time for foreign companies, who intend to develop and grow their businesses over the long term, to come in and participate in Malaysia’s O&G industry,” he said.
Malaysia’s oil production will continue to be buoyant given the strong demand for oil in the region and on turning the country into the foremost oil & gas hub in Asia Pacific by 2017, MOGSC President said Malaysia had actually achieved the target.
“Malaysia is the only country to have put in so much effort to groom its oil & gas industry. If you look at other Asian countries, you can’t see this kind of scenario”.
Malaysia’s oil reserves are currently ranked the third largest in Asia Pacific, after China and India. It is also a net exporter of oil & gas with nearly 40 per cent of the country’s total revenue derived from petroleum resources.
So guys this is the market sector, which offer so much benefit not only to the nation, but to more than 300,000 people who work in this sector. Just as the shale growth phenomenon takes off, the market faces a looming new reality that more than 10,000 baby boomers per day will begin retiring in the market alone. The same fate or worse affect other global markets. The good news is the demand for experience, skills and technology expertise among workers in the oil and gas industry means that many will be coaxed into working longer or auctioning off their expertise to refill their retirement accounts left shattered by the great global recession. The demand for replacement skills is expected to swell the ranks of engineering, technology developers, science, math and software training programs and universities to meet that need. But the bigger need will be welders, plumbers, electricians, skilled machinists and other crafts to install and operate the equipment and support the technology deployment around the world.
So what are you waiting for…Let’s jump into the market and get dirty with the oil and gas!
Have a good day.