KUALA LUMPUR: PETRONAS & MIT Technologies have signed a 20 years commercialization agreement for iCWD on 15th December 2015. Through this agreement, MIT Technologies has been awarded worldwide exclusive commercialization rights for iCWD IP.
The event was officiated on 24th March 2016 during OTC-Asia 2016. The signing ceremony was hosted by PETRONAS and was witnessed by En. Mazwin Ismail, PETRONAS Vice President, Technical Global; Dr. Nasir Darman, Senior GM Technology, PCSB; YBhg Datin Rashidah A. Karim, GM Operational Technology Deployment, PCSB and H.E. Salah Mohi Eldin Elwassimy – Ambassador of Egypt. The event was attended by prominent industry figures and members of PETRONAS management team.
PETRONAS has issued a press release coinciding with this event and was published by Malaysian national news agency, Bernama, on 24th of March 2016 as copied below.
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 group and the 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.