Overseas expansions to increase OGSE revenue over next three years
KUALA LUMPUR: Malaysia’s oil and gas services and equipment (OGSE) industry is expected to see higher revenue over the next two to three years as companies expand into international markets and tap opportunities in gas amid the energy transition.
Malaysia's oil and gas services and equipment industry is poised for revenue growth over the next two to three years as companies expand into international markets. Economy Minister Akmal Nasrullah Mohd Nasir emphasized the government's push to help OGSE companies diversify their customer base and reduce reliance on domestic demand and Petronas.
The government aims for exports to account for 50% of OGSE industry revenue by 2030 under the National OGSE Industry Blueprint 2021-2030. Gas remains a strategic opportunity, even as Malaysia pursues its energy transition. The government is targeting gas as a secure, reliable energy source, with developments like the planned third regasification terminal in Lumut as a catalyst for the industry.
However, the government stresses that simply opening overseas markets is not enough for Malaysian OGSE companies to establish sustainable businesses abroad. Smaller OGSE firms, which make up 91.6% of the 2,894 establishments in Malaysia, need greater scale, market access, and international revenue to become stronger regional players.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
