PETRONAS, through Malaysia Petroleum Management (MPM), has signed two Memoranda of Understanding (MoUs), to advance technology and operational efficiency in Malaysia’s Exploration and Production (E&P) sector.
The signing was held at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2024, which took place from November 4th to 7th in Abu Dhabi.
The first MoU, signed with Schlumberger WTA (Malaysia) Sdn Bhd (SLB) focuses on enhancing technical capabilities in artificial intelligence (AI), machine learning (ML) 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).
The second MoU, with Velesto Drilling Sdn Bhd (Velesto) and NOV Inc (NOV), establishes a framework to deploy NOV’s drilling automation system and robotics technology on Velesto-operated rigs. This collaboration seeks to optimise drilling operations in Malaysia by improving operational efficiency, lowering costs and supporting PETRONAS' sustainability initiatives. Additionally, the partnership aims to drive technology adoption, promoting innovative solutions across Malaysia's upstream sector.
Senior Vice President of MPM, Datuk Ir. Bacho Pilong said, “These strategic collaborations with SLB, Velesto and NOV signify a leap forward for MPM and Malaysia’s E&P sector. By embracing digital transformation, we are not only enhancing operational efficiency but also paving the way for next-generation data solutions that bring substantial value to our 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 the SLB’s data and AI platform has already generated strong interest among our Small Field Asset (SFA) and Late Life Asset (LLA) PACs”.
PETRONAS remains committed to ensuring a secure and sustainable supply of oil and gas for Malaysia’s energy needs, while actively advancing low-carbon and low-emission operations to achieve net zero emission by 2050. For more information on oil and gas investment opportunities in Malaysia.