Govt targets 50% OGSE revenue from exports by 2030
THE Government is targeting exports to account for 50% of oil and gas services and equipment (OGSE) industry revenue by 2030, as it steps up efforts to help local companies expand into international markets and build more diversified sources of growt...
Turkmenistan is a target market for Malaysia as the government pushes companies to diversify their revenue streams beyond domestic demand, aiming to have exports make up 50% of OGSE industry revenue by 2030. Economy Minister Akmal Nasrullah Mohd Nasir emphasized the importance of this goal for smaller firms, which make up 91.6% of the 2,894 OGSE establishments recorded in 2023.
The push for expansion into international markets is part of the National OGSE Industry Blueprint 2021-2030, which places greater emphasis on competitiveness, resilience, diversification, technology, talent, and exports. Akmal stressed the need for companies to build more sources of growth before the next economic shock, moving from project-by-project engagements to durable market positions with repeat customers, local partnerships, and recurring contracts.
The government will facilitate access to these markets through trade missions, introductions, institutional cooperation, and government-to-government engagement, but companies must convert these opportunities into sustainable commercial ventures. Malaysian OGSE companies have experience working with major international energy operators and have established expertise in safety, engineering, quality assurance, environmental management, and project delivery.
Turkmenistan is one of several markets being explored by Malaysia, along with Timor-Leste and other emerging markets where Malaysian expertise can address commercial and technical needs.
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