KUALA LUMPUR, March 24 (Bernama) -- PETRONAS is collaborating with MIT Innovation Sdn Bhd (MIT) to promote a smart and efficient technology that significantly lowers drilling costs.
         
Jointly developed by PETRONAS and MIT, the Intelligent Circulation While Drilling (iCWD) is the industry’s first intelligent drilling valve system that provides remote-controlled operations with Agile Activation, an intelligent system that activates and communicates with downhole tools.
 
“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 groupand 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.
 
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. 
 
http://www.petronas.com.my/
 
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