Petronas Introduces Two Initiatives To Bolster Oil And Gas Sector

KUALA LUMPUR, Oct 25 (Bernama) -- Petroliam Nasional Bhd (Petronas), through Malaysia Petroleum Management (MPM), aims to bolster the robustness of the local oil and gas sector with two new initiatives.

In a statement today, the national oil firm announced the launch of the Integrated Well Continuity Services (IWCS) contract and the plans for the establishment of the MPM Hydraulic Workover Unit (HWU) Academy.

“The IWCS contract is designed to address the challenges posed by rising costs and dynamic market conditions by introducing a more balanced approach to cost and margin management compared to the earlier Integrated Well Services (IWS) model,” said Petronas.

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The implementation of IWCS adopts a comprehensive contracting strategy, segmenting the work into four primary packages and 13 sub-packages that cover critical areas such as well interventions, well abandonment and workover, as well as subsea intervention services, it said.

Following a thorough and rigorous technical evaluation process, 34 qualified panel contractors were selected to deliver the work and this new approach is expected to foster equitable and effective collaboration in engineering projects for wells, Petronas added.

MPM senior vice-president Datuk Bacho Pilong said the IWCS contract was a major leap in Petronas’ wells management strategy, focusing on resource optimisation and job continuity. 

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In addition, the MPM HWU Academy will be essential in strengthening local expertise to future-proof the sector, he added. 

“Petronas continues to prioritise initiatives such as the IWCS contract and the MPM HWU Academy to enhance operational effectiveness and foster collaboration across the industry.

“These efforts will contribute to strategically positioning Malaysia more competitively in the global energy market,” said Bacho.

The MPM HWU Academy is expected to be launched next year and will play a pivotal role in developing specialised skills in well abandonment and workover, Petronas said.

It added that the MPM HWU Academy was established through a memorandum of understanding between Petronas and both local and international HWU service providers, aiming to empower a capable workforce for the sustainable growth of the local oil and gas industry.

-- BERNAMA