Wawasan 2035 - Brunei Darussalam's Energy Sector to play a pivotal role
As current prosperity cannot be taken for granted, the National Vision 2035 - known as Wawasan Brunei 2035 - has been launched with 3 main goals for Brunei Darussalam:
- To make Brunei Darussalam a nation which will be widely recognised for the accomplishment of its educated and highly skilled people as measured by the highest international standards.
- To achieve quality of life that is among the top 10 countries in the world.
- To build a dynamic and sustainable economy with an income per capita among the world's top 10.
To ensure the accomplishment of these goals, 8 strategies have been identified in the Wawasan Brunei 2035, in ensuring that all aspects of development are being implemented systematically and effectively, covering among others, education, economic development, local business development and environment strategy.
The growth in the energy sector is being addressed by outlining three strategic goals:
- Strategic Goal 1 – Strengthen and Grow Oil and Gas Upstream and Downstream Activities
- Strategic Goal 2 – Ensure Safe, Secure, Reliable and Efficient Supply and Use of Energy
- Strategic Goal 3 – Maximise Economic Spin-Offs from Energy Industry – Boost Local Content and Secure High Participation of Local Workforce
The EIDPMO has developed 10 key performance indicators (KPIs) (as shown below) in order to address needs across the different segments and parts of the value chain in the energy sector. An initial set of supporting initiatives have also been identified in order to ensure that the energy sector delivers its targets by 2035, thus ensuring a sufficient buffer period to take into account any final additional or mitigating actions needed to attain the set targets. To ensure that this transformational step-up in the energy sector is achieved, change needs to stem from an increased ability to compete and openness to investment and knowledge. While leveraging critical regulatory support and government oversight to accelerate results, we need to educate and train our people and grow the capabilities of our industries.
Hence, 4 key enablers have been identified to ensure that Brunei Darussalam grows in a manner that is competitive and sustainable. These are:
- Enabler 1 – Implementing supportive policy and regulatory frameworks
- Enabler 2 – Growing Bruneian human capital
- Enabler 3 – Attracting investment to fuel growth
- Enabler 4 – Ensuring delivery on our commitments
The attainment of these goals for the energy sector will support and ultimately achieve the goals under the Wawasan Brunei 2035. The initiatives developed to achieve these goals, are part of a journey, and not a one-off effort. MEMI the entirety of the Government, public and private investors in our energy sector and the public at large will labour diligently over the next two decades to continuously improve our success in the energy sector and to ensure that we achieve our goals.