Jumping onto the bandwagon, Malaysian oil and gas (O&G) services provider, Tanjung Offshore, is looking to venture into upstream oil fields in other Southeast Asian countries and Australia in efforts to diversify from relying solely on Petronas and Malaysia, local reports said.

Tanjung Offshore will also pursue more downstream projects and support services around Petronas's Refinery and Petrochemicals Integrated Development (Rapid) project, reports quoted an industry source as saying.

This forms part of the group's strategy to diversify into related oil and gas businesses to widen its portfolio and increase profitability, he said.

Like many other O&G players, the current downturn in the sector has impacted Tanjung Offshore and as a result, there have been fewer projects amid higher competition which the source said has reduced margins and squeezed profits.