Standing from right:
Pn. Noor Lily Zuriaty Binti Abdullah-PTVSB Director
H.E. Salah Mohi Eldin Elwassimy – Ambassador of Egypt
En. Mazwin Ismail – Petronas-Vice President, Technical Global;
Dr Nasir Darman – SGM Technology,,PCSB;
YBhg Datin Rashidah A. Karim, GM – Operational Technology Deployment, PCSB;
Sitting from right:
En Zaimizi Hamdani, Head of Petronas PTVSB;
Hj Zakariah Kasah, Chairman – Petronas PTVSB;
Ahmed Tahoun, managing Director, MIT Technologies; En Nik Mustapha Fathil, Co-founder of MIT Innovation Sdn Bhd.
Petronas & MIT Technologies have signed a 20 years commercialization agreement for iCWD on 15th December 2015. Through this agreement, MIT Technologies has been awarded worldwide exclusive commercialization rights for iCWD IP.
The event was officiated on 24th March 2016 during OTC-Asia 2016. The signing ceremony was hosted by Petronas and was witnessed by En. Mazwin Ismail, Petronas Vice President, Technical Global; Dr. Nasir Darman, Senior GM Technology, PCSB; YBhg Datin Rashidah A. Karim, GM Operational Technology Deployment, PCSB and H.E. Salah Mohi Eldin Elwassimy – Ambassador of Egypt. The event was attended by prominent industry figures and members of Petronas management team.
“We believe iCWD will up the game in drilling, as it offers improved well control and drilling economics,” said Hj Zakaria Kasah, Chairman of PETRONAS Technology Ventures Sdn Bhd (PTVSB), the technology commercialisation arm of PETRONAS at the signing of a Commercialisation Agreement between PTVSB and MIT Innovation Sdn Bhd, the R&D arm of the MIT Technologies group and the exclusive marketing partner of the iCWD on 23 March 2016. As production operations face greater challenges, and with geological uncertainties that lead to high drilling costs, reducing Non Productive Time (NPT) in drilling activities has become increasingly important. This is in line with an industry-wide programme driven by PETRONAS to support sustainability and strengthen the Malaysian oil and gas industry’s competitive advantage by optimising costs, increasing efficiency and driving innovation.
“An unconventional approach to today’s well construction is pivotal in reducing operating costs. The locally developed iCWD tool is a proven game changer for every day’s drilling operations,” said Ahmed Tahoun, Managing Director of MIT Technologies. In any configuration, iCWD units can be operated individually by rotation, flow, or pressure. The intelligent features of iCWD enable drillers to carry out the placement of Loss Circulation Material (LCM) & Cement Plugs, in the event of loss of fluids while drilling, saving operators’ time and money.
Opening Speech by Tn. Hj. Zakaria Kasah, Chairman – Petronas Technology Venture (PTVsb);
VIP attended Sitting front row from left:
Dr. Nasir Darman, SGM Technology, PCSB; En Mazuin Ismail, VP Technical Global, Petronas; H.E. Salah Mohi Eldin Elwassimy, Ambassador of Egypt; Mr Tamer Ali, Commercial Counselor, Embassy of Egypt; En. Ainul Jamal Ainul Anwar, Chairman, Schlumberger malaysia; En Nazri Latip, Program Director, Petronas Mexico; YBhg Datuk Rosli Boni, CEO, MTJA.
2nd row from left:
Tn. Hj Azral, Incubatee Support Manager, TPM; En Shahzaman, VP, TPM; YBhg. Dato’ Ir. Azman, CEO, Technology Park Malaysia (TPM); Dr. Ir. Mohd Shahreen Madros, Executive Director, Malaysian Petroleum Resources Corporation (MPRC); Dr Nuntasak Chenboonthai, Deputy CEO, MTJA; En Hadi Roslan, Deputy CEO, Matrade.
The iCWD technology was recognised by industry experts when it was awarded the Spotlight on New Technology Award by OTC Asia 2016. The award acknowledges, amongst others, the innovation and impact this technology brings to the industry.
Manufactured in Malaysia, the iCWD has been successfully deployed for PETRONAS’ domestic operations and will soon be used at the Group’s international locations. Intellectual property rights, including a recently granted patent, are jointly owned by PETRONAS and MIT. With the partnership between PTVSB and MIT, the iCWD technology will be marketed globally and is expected to bring significant value to PETRONAS operations and to the drilling industry worldwide.
About PETRONAS
Petroliam Nasional Berhad (PETRONAS) is Malaysia’s fully integrated oil and gas multinational ranked amongst the largest corporations on FORTUNE Global 500®. Operating our core business in the Upstream and Downstream sectors, we steadily drive for new solutions and push boundaries to deliver essential energy to people. A responsible corporate citizen, we endeavour to contribute to the wellbeing of society by adding value to oil and gas resources in a manner that carefully balances commercial, environmental and social considerations.
About MIT Technologies:
Founded in 2010, MIT Technologies designs and manufactures a portfolio of proprietary oilfield products and provide services at the forefront of global drilling, completion, and production technology, all focused on reducing time and increasing returns. MIT Innovation Sdn. Bhd. is the R&D arm of the MIT Technologies group, with state of the art R&D and manufacturing center located in TPM Technology Park, Kuala Lumpur, Malaysia. The company collaborate with local academic research centers, a network of local and international partners and has a portfolio of 38 international patent applications.
http://www.mit-technologies.com/
Issued by:
Media Relations
Group Strategic Communications
SOURCE : PETRONAS
FOR MORE INFORMATION, PLEASE CONTACT:
Name : Julia Jaafar
Email : juliajm@petronas.com.my
–BERNAMA
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- 20 Years Commercialization Agreement Signing Ceremony between MIT Technologies and Petronas
