Petronas Carigali Sdn Bhd, a subsidiary of Petronas, has signed a technology collaboration agreement with MIT Innovation Sdn Bhd for the development of a cost-saver drilling tool.
Datuk Mohd Annuar Taib, Petronas Carigali president, and Petronas development and production chief executive officer, said the new invention, known as intelligent circulation while drilling (ICWD) tool, would significantly reduce drilling cost in the challenging upstream exploration and development environments.
“Usage of the tool is expected to save more than RM150 million in drilling cost per year in Malaysia as the upstream operations move into new and increasingly harsh and challenging drilling territories,” he said in a statement today.
He said the tool is being designed to safeguard complex equipment commonly used in today’s drilling operations.
It will help drillers cure losses encountered in difficult wells and allow for continuous drilling operations without the limitations of the current technologies, he added.
Mohd Annuar said under the agreement, the intellectual property rights of the ICWD tool — including patents — will be jointly owned by the two partners.
Except for certain parts, he said the tool will be manufactured in Malaysia and will initially be deployed at Petronas’ domestic operations before it is used at the group’s international locations.
“Subsequently, there will be plans to market the tool to other players globally,” he said.
Meanwhile, MIT Innovation managing director Ahmed Tahoun said under the partnership, the two parties would continue to explore the opportunities to develop and acquire technologies that are strategic to drilling operations for the next five to 10 years.
“This is to support Petronas’s upstream pursuit in new, unconventional areas that require its operations to adopt different technologies for sustainable. Bernama
Issued by
PETRONAS Carigali Sdn Bhd
12 September 2012
