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Upbeat outlook seen for Malaysian OSV sector
Demand for offshore support vessels (OSV) in Malaysia will remain strong in the next few years due to increased exploration and production (E&P) spending, Malaysia Offshore Support Vessels Owners’ Association president Jamal Yusof, was quoted as saying in local media.
He added that about MYR65bn ($20.3bn) is expected to be spent on various initiatives for the offshore oil and gas (O&G) industry, while MYR46bn is earmarked for rejuvenating existing oil fields through enhanced oil recovery.
Jamal pointed out that "oil, gas and energy was highlighted as one of the 12 National Key Economic Areas of economic opportunity for the private sector".
Some project budget breakdowns include MYR5bn to be spent on developing small fields through innovative solutions, while MYR15bn will be spent on North Malaysian basin project, Jamal said.
Source: Seatrade Global
He added that about MYR65bn ($20.3bn) is expected to be spent on various initiatives for the offshore oil and gas (O&G) industry, while MYR46bn is earmarked for rejuvenating existing oil fields through enhanced oil recovery.
Jamal pointed out that "oil, gas and energy was highlighted as one of the 12 National Key Economic Areas of economic opportunity for the private sector".
Some project budget breakdowns include MYR5bn to be spent on developing small fields through innovative solutions, while MYR15bn will be spent on North Malaysian basin project, Jamal said.
Source: Seatrade Global
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