Economy Minister Akmal Nasrullah Mohd Nasir (centre, hitting the gong) seen at the Malaysian Petroleum Resources Corp (MPRC) OGSE 100 CEOs Forum 2026 on Tuesday. Also present on stage were Matrade exports promotion & market access division, oil & gas, chemical and energy section director Idzham Abdul Hamid (left), Malaysia Petroleum Resources Corporation (MPRC) president and CEO Mohd Yazid Ja’afar (second from left), MPRC board of directors chairman Datuk Dr Ahmad Suhaili Idrus (third from left), and Deputy Minister of Economy Datuk Indera Mohd Shahar Abdullah (third from right), Ministry of Economy energy division director Dr Afiza Idris (second from right), and PETRONAS enterprise category & industry shaping, group procurement senior general manager Mohd Razali Kamin (right). (Photo by MPRC)

KUALA LUMPUR (March 3): Malaysia’s oil and gas services and equipment industry must strengthen its export presence to remain competitive, Economy Minister Akmal Nasrullah Mohd Nasir said.

Exports made up less than 6% of the total industry revenue in 2023, he noted, urging local players to move beyond traditional service roles and position themselves as technology-driven, low-carbon providers capable of delivering complex projects to global standards.

“To me, that number is not discouraging,” he said on Tuesday at an industry conference. “It is a signal of untapped headroom — a strategic ceiling waiting to be broken.”

Akmal Nasrullah was delivering his plenary address at the Malaysian Petroleum Resources Corp (MPRC) OGSE 100 CEOs Forum 2026.

The oil and gas industry contributes about 20% to Malaysia’s economic output annually, and the government has been pushing local firms in the industry to pursue international expansion to win large and long-term contracts.

On Tuesday, Akmal Nasrullah said consolidation and collaboration would be key to building scale, pointing to mergers, joint ventures and consortia as ways to strengthen Malaysian firms’ ability to compete for larger regional and international contracts.

Malaysian companies should also aim to take leading roles in regional energy initiatives such as the Asean Power Grid and the Trans-Asean Gas Pipeline, as well as carbon capture, utilisation and storage developments, he said.

On its part, the government would facilitate industry expansion through the National OGSE Industry Blueprint 2021–2030 under MPRC, in collaboration with PETRONAS and the Malaysia External Trade Development Corporation.

“The opportunity is there,” Akmal Nasrullah said and asked for proactive engagement between local firms with MPRC. “Bring your proposals, your constraints, your ideas, and your ambition. Let us solve problems together, not in separate rooms.”

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