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THE oil, gas, and supporting energy (OGSE) sector has posted unprecedented growth, generating RM94.5 billion in revenue in 2024, while preparing to scale operations internationally, Minister of Economy Akmal Nasrullah Mohd Nasir announced at the Third Annual OGSE100 CEOs Forum 2026 held at Hilton Kuala Lumpur today.
“This record is not merely figures on a page. It reflects grit, leadership, and the ability to perform under pressure,” he said, highlighting the capacity of Malaysian OGSE companies to compete, scale, and deliver when fundamentals are solid and management is focused.
Addressing the forum, the minister pointed to mounting geopolitical risks as a key factor shaping the industry’s outlook.
“Recent U.S.-Israeli military actions against Iran have introduced heightened volatility in global oil and gas markets.
“We’ve seen oil prices spike sharply as markets factor in potential supply disruptions. Any sudden increases can affect industrial energy costs, electricity generation, and household fuel expenditures,” he explained.
He warned that the Strait of Hormuz remains a critical energy transit chokepoint, where even temporary closures could push crude and liquefied natural gas prices higher.
Tuan Haji Akmal Nasrullah emphasised that national energy security is inseparable from economic resilience.
“It’s about preparing a system that can maintain reliable, affordable, and stable energy supplies even amid global volatility and high oil price scenarios,” he said, urging diversification of energy sources, stronger domestic generation, and accelerated adoption of renewable and transition technologies.
The minister identified three transformative shifts for the OGSE industry. The first is the energy transition, which under the National Energy Transition Roadmap positions Malaysia to meet global low-carbon demand while creating jobs and attracting investment.
The second is the intensifying international competition, as Malaysian companies are increasingly benchmarked against regional and global leaders, not only domestic peers.
The third shift is the export gap: although publicly listed OGSE companies recorded 53 per cent of revenue from exports in 2023, the sector overall derives only 5.96 per cent of revenue from foreign markets.
“Going global is not a slogan. It is a strategy,” Tuan Haji Akmal Nasrullah said, urging firms to evolve from traditional service providers into technology-driven, low-carbon solution providers capable of executing complex projects to international standards. He underlined that strategic partnerships, including mergers, joint ventures, consortia, and alliances, are now essential for scaling operations and achieving international competitiveness.
The minister also outlined the government’s supporting role through the National OGSE Industry Blueprint 2021–2030, coordinated by MPRC, PETRONAS, MATRADE, and industry associations. “The tools are there.
“The partnerships are there. The opportunity is there.
“The question is: how fast can we move—and how boldly can we act?” he asked, urging CEOs to collaborate closely with the authorities to identify challenges, opportunities, and solutions.
Akmal then emphasised the importance of innovation and cooperation in shaping the sector’s future.
“The future of energy will be shaped by those who are brave enough to innovate—and humble enough to collaborate. Let us rise to this challenge. Let us make the Malaysian growth story a global success story,” he said.
The OGSE100 CEOs Forum 2026 convened senior figures from government, industry, and media, providing a platform to celebrate the sector’s achievements while forging strategic partnerships aimed at positioning Malaysia as a leading player in the international energy landscape. - March 3, 2026
