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Oil & Gas Industries To Remain Backbone Of Brunei's Economy
By Malek Hashim

Bandar Seri Begawan - Brunei Darussalam's strategy as a Liquified Natural Gas (LNG) exporter remains clear, that is to remain a top-quartile performer in the industry that is safe, reliable and a supplier of first choice to its customers.

"Rigorous training and high standards will continue to deliver a quality workforce, and the industry should sell itself to the young generation on that basis," he said, adding that the Brunei Government aspires to have Bruneians involved in all aspects of the oil and gas related shipping industry.

Touching on the importance of the waterways security in safely delivering ships and the cargoes to their destinations, Pehin Dato Awang Haji Mohammad said: "WC cannot allow our ports and ships to be threatened by any form of negative activities."

The minister said that the Sultanate has been a member of the International Maritime Organization (IMO) since 1984, and has taken steps to comply with the IMO'S International Ship and Port Facility Security (ISPS) Code, which is to provide defences against problems such as smuggling, terrorism and piracy. The Code also requires most ships and port facilities engaged in international trade to establish and maintain strict security procedures.

On the standards of safety and security as well as environmental protection, Pehin Dato Awang Haji Mohammad said it is prudent to ensure it is proportionate, practical and effective because "we want an efficient, secure and predictable system of world trade, not insecurity and confusion".

In light of this, the minister added, "We must engage and interact with each other".

Pehin Dato Awang Haji Mohammad stressed that the oil and gas industries will continue to remain the backbone of the country's economy and the prime driver of its economic growth. He explained that more than 90 per cent of export revenue comes from the crude oil and LNG export (LNG accounts for about 40 per cent of total export value).

The minister, meanwhile, suggested that the establishment of the Brunei Economic Council in 1998, which has priorities including exploring oil and gas related opportunities in Brunei and abroad, could help in expanding and improving the long-term competitiveness of the Brunei's oil and gas industry based on prudent financial assessment and the country's comparative advantages.

Brunei is also promoting sustainable energy development initiatives through the formation of the Brunei Energy Association (BeNA) whose main roles are to bring together all the key stakeholders in the oil and gas industry including the power generation sector under one roof, for enhancing and strengthening the industry's foundations, he said.

It is projected that East Asia alone will account for one-third of global production growth and generate up to 40 per cent of the world's new purchasing power and demand for imports by 2010.   -- Courtesy of Borneo Bulletin

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