Mida chief executive officer Datuk Azman Mahmud said the seven companies consist of existing players who are looking to branch out into the O&G segments, and new ones that see the potential in Malaysia.
"These seven companies we are talking to are mainly from the Americas and Europe. The fact that Offshore Technology Conference (OTC) chose Malaysia over potential O&G regional hubs like China and Australia to host its first Asian-based conference is a testament to our capabilities and potential," he said.
Azman declined to comment on the potential investment value from the seven firms but noted that for last year alone, Mida was able to bring in 18 O&G projects worth RM7.05 billion.
He said Malaysia is also capitalising on its role as host of the first Offshore Technology Conference Asia 2014 by setting up meetings with the seven foreign players looking to tap the local O&G market.
"We are looking to bring in the big players as it will create a snowball effect ... these big firms will bring in their smaller partners," Azman said.
He cited Texas-based Honeywell Process Solutions (HPS), which has been here 30 years and is now looking to expand its business in Malaysia outside the O&G sector.
Meanwhile on the local scene, Azman said that major efforts made by O&G companies, particularly Petroliam Nasional Bhd (Petronas), include the development of Refi-nery and Petrochemical Integrated Development (Rapid) in Penge-rang, Johor, and the Sabah Ammonia Urea (Samur) project in Sipi-tang.
"They involve investments of more than RM65 billion which will create growth in the premium speciality chemicals industry in the Asia-Pacific region,"he said.
Azman added that the Pengerang project alone could span some RM170 billion.
The CEO earlier moderated the "Malaysia as a Regional O&G Hub" panel session which discussed the Malaysia's potential as a Southeast Asian O&G hub.