Australian experts will help the Malaysian oil and gas industry leap into a new age.

Low oil prices are putting pressure on the Malaysian oil and gas sector, creating demand for creative, cost-effective approaches and technology solutions.

The country is looking to improve productivity, reduce costs and upskill its workforce, opening up a multitude of business and collaboration opportunities for Australian mining companies and education providers.

Members of the Malaysian Oil & Gas Services Council (MOGSC) want to work with Australian companies in areas such as asset integrity, offshore drilling, remote platform communications technology, robotics, and workplace health and safety.

“As Australian fields shift from exploration to production, it is high time that more Australian oil and gas companies look to countries like Malaysia to expand their customer base,” said Susan Kahwati, Senior Trade Commissioner, Austrade Malaysia.

“With the ASEAN Economic Community coming into force on 1 January 2016, a foothold in Malaysia could open valuable avenues to other parts of the region.

“For Australian companies with something unique to offer, now is a good time to introduce innovative solutions, either directly to customers, or through joint ventures or even strategic acquisitions of local companies under financial pressure,” Kahwati said.

As Malaysia targets economic development and looks to transition its workforce to more value-added sectors, it will need to quickly upskill the current and future generation of workers.

Australia’s solid reputation in Asia as a provider of quality education, particularly in the area of vocational education, is highly attractive to the Malaysian workforce.

Kahwati said the strong affinity between Malaysia and Australia, built around tourism and education links, means both countries are well positioned to explore opportunities in the current economic climate.

“Australian companies are used to working in a cost-constrained environment, in hard-to-get-to places, with little access to existing infrastructure,” she said.

“As a result, our companies have learned to be innovative, nimble and highly efficient.

“In addition, the Australian dollar has fallen by around 10 per cent over the last two years, making us increasingly cost-competitive against our northern hemisphere competitors.”