He said the roadmap was crucial to ensuring that Malaysia’s gas industry can remain competitive and help the country build on natural gas’s RM52 billion contribution to the economy.

“This roadmap will be able to spur investments in the gas industry,” he told reporters after attending the Malaysian Gas Symposium here today.

Rafizi said gas market mechanisms and key players’ investment structures also needed to be strengthened to prevent a potential gas shortage.

Last November, Rafizi revealed that the oil and gas production in Peninsular Malaysia was on the decline. However, he said, new discoveries of the resource are abundant in Sabah and Sarawak.

He also warned that Malaysia could become entirely dependent on imported gas energy by 2050, leading to an increase in the cost of living, unless the country ramped up efforts to transition towards sustainable energy sources.