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

KUALA LUMPUR, Sept 23 — The Malaysian government anticipates a significant growth in the oil and gas services and equipment (OGSE) sector over the next two to three years, driven by increased international market participation, said Economy Minister Akmal Nasrullah Mohd Nasir. Speaking to journalists, the minister highlighted that expanding into overseas markets would not only bolster the sector’s revenue streams but also enhance the resilience of Malaysian OGSE companies against economic and industry disruptions.

Nasir emphasized that targeting developing countries as potential markets would be beneficial, citing Timor-Leste as one of the destinations under Malaysia’s International Market Access Programme. However, he stressed that the groundwork for such ventures must be laid through the Malaysia Petroleum Resources Corporation (MPRC) to establish rapport, provide mechanisms, and streamline the process.

After previewing the MPRC International Market Access Programme’s Private OGSE Turkmenistan, Nasir concluded by underscoring the importance of these strategic steps.