Saudi Arabia signs Memorandums of Understanding to improve the use of technology in the oil and gas industry
Through its Malaysia Petroleum Management (MPM) division, Petronas has signed two memorandums of understanding (MoUs) that will improve technology and operational efficiency in Malaysia’s exploration and production (E&P) industry.
The first Memorandum of Understanding (MoU) with Schlumberger WTA Malaysia Sdn Bhd (SLB) focuses on enhancing technical skills in artificial intelligence (AI), machine learning, and generative AI.
“The goal of this partnership is to add cutting-edge AI-powered solutions to MPM’s data platform. This will fundamentally alter the management and interpretation of subsurface data. The partnership will help Malaysia’s offshore operations and give new petroleum arrangement contractors (PACs) more value, the company said in a statement.
The second Memorandum of Understanding (MoU) between Velesto Drilling Sdn Bhd and NOV Inc. establishes the utilization of NOV’s drilling automation system and robotics technology on rigs under Velesto’s management.
Petronas said that this partnership aims to improve working efficiency, lower costs, and support its sustainability efforts in order to make drilling operations in Malaysia more effective.
The partnership also wants to encourage the use of new technologies and creative solutions in Malaysia’s upstream industry.
The Abu Dhabi International Petroleum Exhibition and Conference 2024, which took place in Abu Dhabi from November 4th to November 7th, saw the signing of the deal.
Senior vice president of MPM Datuk Bacho Pilong said that the company’s strategic partnerships with SLB, Velesto, and NOV are a big step forward for both MPM and the E&P sector.
He stated that MPM is not only enhancing operational efficiency through digitalization, but it is also paving the way for next-generation data solutions that will hold significant value for PACs, particularly for new players and investors.
“These partnerships help us build a strong ecosystem that gives people access to our PACs.” “The discussion about piloting SLB’s data and AI platform has already piqued the interest of our Small Field Asset and Late Life Asset PACs.” The Bernama