Tuesday, 9 September 2014

Malaysian oil and gas firms secure RM528 million sales in Norway

Malaysian companies have secured sales worth RM528.30 million during a specialised mission for the oil and gas (O&G) sector to Stavanger, Norway.

"Sales were generated for waste heat recovery unit, accommodation barge, gaskets, metal expansion joints and special valves as well as engineering, procurement, construction, installation and commissioning business," said Malaysia External Trade Development Corporation (Matrade) in a statement.

Under the services sector, it said sales were recorded for geosurvey and geotechnical, pipeline inspection and non-destructive testing, oil recovery and consultancy, among others.

"It was a fruitful participation as we have managed to identify a few companies that are operating in Central Asia, which we are following up for registration purposes.

"Hopefully, tangible results can be obtained soon," said a mission participant, Zamrin Mohamed Daud of Oilfield Technical Inspection Sdn Bhd.

Another participant, Badlishah Ahmad Sulaiman, of Petronine (M) Sdn Bhd, said: "It was an eye-opening experience attending one of the biggest O&G trade expositions, facilitated by Matrade to expose the Malaysian small- and medium-sized O&G community to the world.

"Petronine is fortunate to have met the right people and organisations with regard to what we do specifically in the geosciences field," he added.

According to Matrade, Norway's exploration and production (E&P) costs are growing at almost double the rate of inflation, increasing labour, drilling and operating costs.

"Malaysia could offer an alternative source for supplying quality products and services to Norway's oil and gas E&P," it said, adding the country has gained international recognition and established an excellent track record in the global O&G industry. – Bernama