Tech Gems On The Rise In Malaysia’s OGSE Industry

Kuala Lumpur, 29 December 2017: 

MIT Technologies was featured in the press news article released on 29th December 2017 by Malaysia official news agency, Bernama, “Tech Gems On The Rise In Malaysia’s OGSE Industry”  as quoted below.

For the full article, please click here. 

” … Meanwhile, another R&D company, MIT Innovation Sdn Bhd, is reaping the reward of a ‘mindset of abundance’. Chief Executive Officer Ahmed Tahoun said the company started R&D in 2010 driven by an ambition to develop technology that addressed a particular issue in the most challenging O&G environments.

“If we could achieve that, the client will drive demand, providing for a strong business case that would fuel continued growth for our company,” he said.

DEVELOPS COMPANY FROM GROUND UP

He said MIT Technologies’ management also developed the company from ground up with experienced leaders coaching fresh graduates into curious problem-solvers while at the same time pursuing research collaborations with universities.

After overcoming various challenges, he said the company commercialized the Intelligent Circulation While Drilling tool (iCWD) in 2015, saving expensive rig time through the deployment of smart electronics and sensors.

He said the company also achieved profitability in the same year and became the first Malaysian company to win the Spotlight on New Technologies Award at the Offshore Technology Conference, OTC Asia 2016.

It also bagged the Overall Best Achievement Award, presented by the Prime Minister Datuk Seri Mohd Najib Tun Razak, during the Malaysia Commercialisation Year 2016 Awards and was conferred highest technology readiness level according to API standard 17.

Since 2015, he said the company has filed over 40 patent applications and many have been granted in the USA, Malaysia, and Australia, with others pending in Europe and Canada.

PETRONAS PROVIDES PIVOTAL SUPPORT

He said support from Petronas was also pivotal for the company to accelerate development and qualify the technology by reducing risk and achieving cost savings.

“With their feedback, our R&D team was able to cover a wide range of operational environments and confidently hit the global market,” he said.

Apart from Petronas, he said the company also received financial support from SME Corp, Ministry Of Science Technology & Innovation, Malaysian Investment Development Authority, Malaysian Technology Development Corporation and incubation support from the Technology Park Malaysia.

…”

 

About Bernama:

The National News Agency of Malaysia or BERNAMA, a statutory body, was set up by an Act of Parliament in 1967 and began operations in May 1968.

A five-member Supervisory Council appointed by the Yang di-Pertuan Agong is created to ensure that BERNAMA is always guided by the provisions of the Act in implementing its objectives.

BERNAMA is managed by a Board of Governors appointed by the Yang di-Pertuan Agong. The Board comprises a Chairman and six representatives each from the Federal Government and Newspapers that are subscribers of BERNAMA. They each have alternate members who are also appointed by the Yang di-Pertuan Agong.

The BERNAMA management is headed by a General Manager who is assisted by a Management Committee that implements all programmes and activities as well as decisions of the Board of Governors.

The agency has its offices in all the states in Malaysia and correspondents in Singapore, Jakarta, Bangkok, and stringers or retainers in United States Of America, Nepal, and Europe.

Equipped with fully computerized operations, it provides general and economic news services and screen-based real-time financial information services to subscribers in Malaysia and Singapore.

BERNAMA’s role as a source of reliable and latest news is well known among local and international media including government agencies, corporations, universities, and individuals nationwide.

Most Malaysian newspapers and electronic media and other international news agencies are BERNAMA subscribers. BERNAMA is operating in the information industry, which is competitive but has tremendous growth potential.

Previously BERNAMA’s news and information were only in the form of text and still photographs but with the launching of its audio-visual unit known as BERNAMA News Channel (previously known as BERNAMA TV) in September 1998, news is now available in the form of visuals.

BERNAMA is continuously conducting research to upgrade the quality of its products and services which include real-time financial information, real-time news, an electronic library, dissemination of press releases, event management, photo and video footage.

The Internet has opened up new opportunities for BERNAMA in disseminating its news and information services directly to the public. This is done through its own websites and through other websites. BERNAMA is also offering value-added news packages for Internet entrepreneurs maintaining their own websites.

In order to achieve long-term success, continued investment and business development are of the paramount importance for BERNAMA.