During 5–8 April, the SPE Kuala Lumpur Section, in collaboration with the Malaysian Oil & Gas Services Council (MOGSC) and Informa Markets, organized a virtual event called Reset-2021 (Re-imagining Malaysia Assets).
Reset-2021 was an inaugural technology-based event with the participation of distinguished speakers from the Malaysian oil and gas industry. The central idea of the event was to strengthen collaboration among government bodies, asset owners, and solution providers, under the theme of “Embracing Resilience Through Innovation.”
The 3-day event featured multiple high-level plenaries, panel sessions, a multi-disciplinary technical program, and a state-of-the-art marketplace to present the latest innovations and technologies. In the executive panels, several senior executives discussed industry perspectives within the context of resilience through innovation and technology. Transformation mindset, process and innovation, sustainability, and margin mindset topics were explored in the plenaries. The Reset Talks were panel discussions to exchange knowledge and ideas with innovators from various industries. The “Dialogue” feature allowed event attendees to interact and discuss industry challenges under the current business context.
The following were the key takeaways from the conference:
- Oil and gas will remain a significant portion of the energy mix by 2040 despite the growth of renewable energy.
- The challenge facing the industry is to fulfill the growing energy demand with secure, affordable, and sustainable energy.
- The oil and gas industry needs to keep evolving to reduce costs and operate safely.
- It is imperative to keep innovating to reduce carbon emission levels as climate change becomes increasingly relevant.
- Technology and digitalization must be embraced and implemented to drive the oil and gas industry to survive, remain relevant, and be competitive.
"There is an urgent need for the industry to accelerate adoption of innovative technologies and new way of works to affect the bottom line. With Reset, we at SPE KL [Kuala Lumpur Section], with the support from Petronas see this as a call to the community to embrace change through inculcating a margin mindset. This is done through the utilization of technology and innovative solutions to lower the cost of doing business and maximize value creation. We must do this to ensure the sustainability of the industry," said Mohamad Abu Bakar, chairperson of the SPE Kuala Lumpur section.
Sri Konsep Harum Wicaksono is a member of the TWA editorial committee.