KOTA KINABALU: Sabah aims to achieve a target of an 80 per cent Sabahan employment rate within the oil and gas services and equipment (OGSE) industry this year.
State Finance Minister Datuk Seri Masidi Manjun said the state is committed to supporting the local economy through local contract awards.
"To further boost local participation, Sabah has launched the Sabah Local Content Council, which aims to enhance the involvement of local businesses in the OGSE sector.
"With the support of Petronas and all Production Sharing Contractors (PACs), the state aims to achieve an 80 per cent Sabahan employment rate within the OGSE industry for this year.
"Building on the momentum, Sabah and Petronas have jointly set a target for 2024 to award 30 per cent of all OGSE spending within Sabah to qualified Sabahan companies," he said during the opening of 11th Sabah Oil, Gas and Energy Conference and Exhibition (SOGCE) at Sabah International Convention Centre here today.
He said Sabah is fortunate to hold most of the country's remaining oil resources, which makes the state a cornerstone of Malaysia's oil and gas production.
Sabah contributes nearly 40 per cent of the nation's oil and nearly 20 percent of its gas production.
"Our land has abundant resources, including significant reserves within existing Production Sharing Contracts (PSC), near fields, and promising deep-water sites.
"These resources underscore our capacity and emphasise our potential to drive future energy innovations and sustainability.
"I hope SOGCE will bring industry leaders together to discuss and share the latest insights and developments and provide valuable networking opportunities."