Petronas Signs Mous To Boost Technology Efficiency In E&P Sector

KUALA LUMPUR, Nov 7 (Bernama) -- Petroliam Nasional Bhd (Petronas), through its Malaysia Petroleum Management (MPM) division, has signed two memoranda of understanding (MoUs) aimed at enhancing technology and operational efficiencies in Malaysia's exploration and production (E&P) sector.

The first MoU, signed with Schlumberger WTA (Malaysia) Sdn Bhd (SLB) focuses on enhancing technical capabilities in artificial intelligence (AI), machine learning and generative AI technologies.

“This partnership aims to integrate cutting-edge, AI-driven solutions into MPM’s data platform, revolutionising the management and interpretation of subsurface data. The collaboration will support Malaysia’s offshore operations, delivering enhanced value to emerging petroleum arrangement contractors (PACs),” it said in a statement.

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Meanwhile, the second MoU with Velesto Drilling Sdn Bhd and NOV Inc establishes a framework to deploy NOV’s drilling automation system and robotics technology on Velesto-operated rigs.

Petronas said this collaboration seeks to optimise drilling operations in Malaysia by improving operational efficiency, lowering costs and supporting its sustainability initiatives.

Additionally, the partnership aims to drive technology adoption, promoting innovative solutions across Malaysia's upstream sector.

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The signing was held at the Abu Dhabi International Petroleum Exhibition and Conference 2024, which took place from Nov 4 to 7 in Abu Dhabi.

MPM senior vice-president Datuk Bacho Pilong said these strategic collaborations with SLB, Velesto and NOV signify a leap forward for MPM and the E&P sector.

He said that by embracing digital transformation, MPM is not only enhancing operational efficiency but also paving the way for next-generation data solutions that bring substantial value to PACs, especially emerging players and new investors.

“Through these partnerships, we build a strong ecosystem to enable access to our PACs. The discussion to pilot SLB’s data and AI platform has already generated strong interest among our Small Field Asset and Late Life Asset PACs,” he added.

-- BERNAMA