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 growth.
Economy Minister Akmal Nasrullah Mohd Nasir said the push was particularly important for smaller firms, with micro, small and medium enterprises accounting for 91.6% of the 2,894 OGSE establishments recorded in 2023.
He said companies needed greater scale, market access and sustained international revenue to become stronger regional players, with Turkmenistan providing an entry point into Central Asia under the Malaysia Petroleum Resources Corporation’s (MPRC) International Market Access Programme (IMAP).
“Resilience is not only about weathering shocks; it is about building more sources of growth before the next shock arrives,” he said in his ministerial talking points at the Privet OGSE Turkmenistan programme in Kuala Lumpur today.
The 50% export-revenue ambition is part of the National OGSE Industry Blueprint 2021-2030, whose mid-term review places greater emphasis on competitiveness, resilience, diversification, technology, talent and exports.
Akmal said overseas expansion needed to move beyond one-off projects towards longer-term commercial positions built around repeat customers, local partnerships and recurring contracts.
“Overseas participation must therefore evolve from ad hoc, project-by-project engagements into durable market positions: repeat customers, local partnerships, recurring contracts and a credible in-country presence where commercially justified,” he said.
The Turkmenistan initiative follows MPRC’s engagement with Turkmennebit and Turkmengas in June, when discussions began on a proposed memorandum of understanding to explore opportunities for Malaysian OGSE companies.
Akmal said the Government and its agencies could help companies gain access through trade missions, introductions, institutional cooperation and government-to-government engagement, but businesses would have to convert those opportunities into sustainable commercial ventures.
“Government and its agencies can open doors: through introductions, trade and business missions, stakeholder engagement, institutional cooperation and government-to-government facilitation.
“But market access is not the same as market success. The role of Government is to create pathways and reduce friction; the role of companies is to convert those pathways into bankable, commercially sustainable business,” he said.
Malaysia’s OGSE industry generated RM79.2 billion in gross output and RM39.4 billion in value added in 2023, while employing 123,288 people, according to the Department of Statistics Malaysia’s inaugural OGSE Census.
Akmal said Malaysian OGSE companies also had established experience working with major international energy operators including Shell, TotalEnergies, ExxonMobil, ConocoPhillips, PTTEP, Mubadala Energy and Chevron, exposing them to international standards in safety, engineering, quality assurance, environmental management and project delivery.
He said Turkmenistan was one of several markets being explored, with similar opportunities being pursued in Timor-Leste and other emerging markets where Malaysian expertise could address commercial and technical needs.
“More markets. More customers. More exports. More resilient Malaysian companies,” he said.
Akmal added Malaysia’s internationalisation drive was also consistent with the wider Thirteenth Malaysia Plan objective of building globally competitive Malaysian companies and expanding participation in higher-value activities.
“Malaysia has built a strong OGSE ecosystem; with technical expertise, proven capabilities and skilled talent. Our next task is to take these strengths further and build a stronger international presence,” he said. - September 23, 2026
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