Overseas markets key to growing Malaysia’s oil and gas services sector in next three years, says economy minister

KUALA LUMPUR, September 23 - The Malaysian government anticipates the oil and gas services and equipment (OGSE) sector to witness growth in the coming two to three years by expanding into overseas markets, according to Economy Minister Akmal Nasrullah Mohd Nasir. Speaking to reporters, Nasir emphasized that increased international market participation would bolster the sector's revenue sources and enhance the resilience of Malaysian OGSE companies against economic and industry disruptions.

He explained that focusing on the international oil and gas market, developing nations would prove advantageous for expansion. Consequently, Timor-Leste has emerged as one of the potential destinations for the sector's venture within the framework of the international market access program. However, Nasir stressed that groundwork must be laid out through the Malaysia Petroleum Resources Corporation (MPRC) to establish a rapport and facilitate the process.