Press release
Oil majors bank on optimising technology
Oil companies like ExxonMobil, Royal Dutch Shell and Total increasingly draw on technology for strategic advantageSINGAPORE (21 April 2011) – These days, oil majors are banking on new technologies to build core competencies and strategic advantage. ExxonMobil, Royal Dutch Shell, Chevron and ConocoPhilips have pledged US$1 billion (RM3 billion) to construct a containment system with rapid response to deepwater spills following last year’s Deepwater Horizon disaster. Across the board, oil companies are leveraging on proprietary technologies for enhanced oil recovery and increased productivity of existing reservoirs in an industry of overall production declines.
In the U.K., an industry body representing companies, unions and regulators have commissioned Cameron, specialist oil equipment engineer, to build a device that ‘caps’ a well in a blowout. Similarly, in Malaysia, there is a drive towards developing cutting-edge technology within the oil and gas sector. According to Ainul Azhar Ainul Jamal, Schlumberger Asia chairman, oil extraction in this region requires more complex technology since it is more difficult to extract.
With 106 marginal fields containing 580 million barrels of oil equivalent (BOE), it is only natural for Malaysia to establish itself as the region’s O&G hub, except for a lack of technology and expertise in the upstream sector. Rightly, it is impossible for contractors – drilling operators, fabrication yards and hook-up and commissioning service providers to instantly become EDP companies. But it is time for Malaysian O&G to up its game and upgrade industry expertise and technology, especially with the recent introduction of risk service contracts calling for optimal deliverance of production targets.
The country is one step closer to hub status with the launch of the Economic Transformation Programme (ETP) last year providing tax incentives for exploration, development and production (EDP) activities besides enhanced recovery. With the many ongoing O&G developments, ranging from successful domestic exploration to high volumes of overseas investments, Malaysia is poised to be an O&G hub and possibly raising another Petronas, a global or regional player next to the Shells and Exxons.
Becoming the O&G hub is achievable for Malaysia given as how Singapore is utterly lacking in resources and Indonesia’s closed door policy. Acquiring optimising technology and techniques are integral to staying competitive in the global energy market on the cusp of exceeding Asian demand.
Below are some essential questions Malaysian O&G players may wish to address:
• How do we go from here to becoming an O&G hub?
• Are development and production optimised for greater recoverability?
• Are we keeping pace with world developments on developing optimising technologies/techniques?
Production Optimisation Week Asia Welcomes Africa, South America and the Middle East
The Center for Energy Sustainability and Economics is convening Production Optimisation Week Asia (POWA) 2011 from 25th to 29th July 2011 in Kuala Lumpur Malaysia to help oil companies such as state-owned oil companies from as far as the Africa, South America and the Middle East to generate alignment to boost recovery and revenue and come together for informed and integrated approaches to a diverse variety of conditions. The meeting will involve senior company executives as well as functional heads in charge of reservoir engineering, production engineering, drilling and completions engineering, particularly those involved with each company’s mature, marginal, deepwater and other technically and commercially challenging fields.
# # #
If you’d like more information about this topic, or to schedule an interview with the speakers at
POWA 2011, please call Eunice Wee at (+65) 6844 2080 or email Eunice at powa@arcmediaglobal.com
Keywords: ExxonMobil, Shell, Total, technology, strategic advantage, Chevron, ConocoPhilips, EOR, Cameron, O&G hub, RSC, ETP, EDP, Singapore, Indonesia, Asian demand, Royal Dutch Shell, containment system, rapid response, deepwater, spills, Deepwater Horizon, disaster. Ainul Azhar Ainul Jamal, Schlumberger, Asia, marginal fields, Malaysia, hub, expertise, upstream, development, production, optimized, recoverability, Africa, South America, Middle East
The Center for Energy Sustainability and Economics (Center for Energy) is an industry research centre (IRC) that works to bring top executives together in communities of learning and practice to act as a catalyst for generating high-value energy business insight and channel top expertise to where the world needs it most. Meetings by the Center for Energy are managed by Arc Media Global, the world’s first B2B/G2B integrated marketing specialist headquartered in Singapore.
Contact: Eunice Wee
Arc Media Global
(+65) 6844 2080
Robinson Road. PO Box 176. Singapore 900326
powa@arcmediaglobal.com
www.arcmediaglobal.com/powa
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