OTC Board Gives Nod for Offshore Technology Conference Asia (Malaysia)

OTC Board Gives Nod for Offshore Technology Conference Asia (Malaysia)

The Offshore Technology Conference (OTC) Board of Directors has approved the establishment of the Offshore Technology Conference Asia. The initial event will be held in Kuala Lumpur, Malaysia, 10-12 March 2014 and as a biennial event going forward, will be located in prominent cities throughout the region.

OTC Asia will be created under the same successful brand as the flagship OTC, held in Houston; the Arctic Technology Conference; and OTC Brasil. The technical programme will be developed with the 13 sponsoring organisations to embrace a full spectrum of offshore technology. The conference will focus on offshore resource development with an emphasis on subsea and above surface facility issues.

A Malaysian Task Force has been created to work together to manage interests in order to ensure the event meets the needs of the industry. The task force comprises representatives from the national oil company, PETRONAS; government agencies, the Malaysia Petroleum Resources Corporation (MPRC), Malaysia External Trade Development Corporation (MATRADE), the Malaysia Investment Development Authority (MIDA); and trade association, Malaysian Oil & Gas Services Council (MOGSC).

“Asia is an increasingly important part of the world for oil and gas exploration and development,” said Dato’ Wee Yiaw Hin, Executive Vice President, Exploration & Production Business, PETRONAS. “A conference like OTC will provide a platform for regional and international industry professionals to exchange their knowledge, technology, and expertise; and will help the energy sector reach its offshore potential.”

Forecasts show the regions expected recovery in offshore activity will continue to significantly drive up demand for fixed, floating and subsea units in the short term. Projects in offshore Malaysia are forecasted to see the largest increase between forecast periods, with over USD 17 billion forecasted over the next five years.

Dr. Emir Mavani, President and Chief Executive Officer of MPRC, says, “The rapid economic growth in the Asia Pacific is driving demand for oil and gas. For Malaysia, we are confident the opportunities in oil and gas sector, such as upstream, downstream, and services, will spur more investments into this industry. MPRC is pleased to see the inaugural OTC Asia happening in Malaysia. The seamless synergy between PETRONAS, MIDA, MATRADE and MOGSC will give the exhibitors and conference participants a fruitful and productive event at OTC Asia. MPRC is pleased to be a part of this major event, and we look forward to contributing in its success.”

Source: Press Release, June 6, 2012