Malaysia targets 50pct of OGSE revenue from exports by 2030

Malaysia aims to increase exports to make up half of the oil and gas services and equipment (OGSE) industry's revenue by 2030, according to Economy Minister Akmal Nasrullah Mohd Nasir. The minister emphasized the need for diversifying markets, customers, and revenue streams to strengthen the sector's resilience. Over 90% of the industry's 2,894 establishments are micro, small, and medium enterprises (MSMEs), making this push particularly crucial for smaller players.

This initiative is part of the National OGSE Industry Blueprint 2021-2030, which focuses on diversification, competitiveness, technology development, and international market participation. Despite the industry's size, the number of Malaysian companies venturing into overseas markets remains limited. The government plans to support more OGSE companies by sending 14 Malaysian companies to Turkmenistan in October to explore potential business opportunities.

This is a step towards helping companies build recurring contracts, partnerships, and a presence in international markets. The OGSE industry's strategic relevance remains, even with the energy transition, as gas is expected to play a significant role in ensuring stable energy supply. The government aims to support the sector's internationalization while pursuing the National Energy Transition Roadmap and strengthening energy security.