Launch of Energy White Paper slated for March 24

National 2 minutes, 9 seconds

BANDAR SERI BEGAWAN

THE Energy White Paper, which maps out targets for Brunei’s oil and gas industry, will be launched during the opening of Energy Week 2014 on March 24.

The Energy Department at the Prime Minister’s Office (EDPMO) said as an important milestone in the country’s energy development, the launch of the White Paper will encourage the sultanate to move in the right direction, to realise Vision 2035.

Previously said to be in its final stages in mid-2012, the White Paper provides a review of Brunei’s future energy sector development to 2035, and defines a comprehensive strategic policy framework towards it.

The policy framework is based on three strategic goals - to strengthen and grow oil and gas upstream and downstream activities; ensure safe, secure, reliable and efficient supply and use of energy; and to maximise economic spin-off from the energy industry – by boosting local content and securing high participation of locals in the workforce.

According to the department’s website, in each of these strategic goals, the EDPMO has set out key performance indicators and supporting initiatives to ensure that Brunei Darussalam’s energy vision and the Vision 2035 are achieved.

The White Paper also outlines four key enablers shaping the core support mechanism to ensure that targets are met, and that outcomes are achieved in a timely manner.

The department will be implementing a comprehensive set of supportive policy and regulatory frameworks, human capital development, attracting investment in core areas, and ensuring realisation of its commitments.

In a previous report, Minister of Energy at the Prime Minister’s Office Yang Berhormat Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Hj Mohammad Yasmin Hj Umar said: “We want to ensure the whole chain provides value and economic opportunities, from exploration to processing”.

“Sectors that are able to service this chain are also an important component. This is, to us, what energy security is all about and we will continue to monitor the global energy issues that are so critical to us.”

In another report, the minister said that by publishing a written Energy White Paper, the EDPMO hoped to provide more transparency on various objectives and aspirations of the government in the energy sector.

He added it would also allow stakeholders to align themselves with the set objectives and aspirations.

For businesses, the White Paper will allow them to plan ahead to take up potential business opportunities.

The EDPMO wanted to ensure it was able to deliver targets set in the White Paper in a systematic way, using key performance indicators to chart the progress.

The Brunei Times