PETALING JAYA: National oil company Petroliam Nasional Bhd (Petronas), through Malaysia Petroleum Management (MPM), has announced two initiatives aimed at bolstering the robustness of the local oil and gas sector, namely the introduction of the Integrated Well Continuity Services (IWCS) contract and the planned establishment of the MPM Hydraulic Workover Unit Academy (HWU Academy).
The first initiative, the IWCS contract, was designed to address the challenges posed by rising costs and dynamic market conditions.
The IWCS introduces a more balanced approach to cost and margin management compared with an earlier iteration known as the Integrated Well Services Model.
The implementation of IWCS adopts a comprehensive contracting strategy, segmenting the work into four primary packages and 13 sub-packages covering critical areas such as well interventions, well abandonment and workover, and subsea intervention services.
Following a thorough and rigorous technical evaluation, 34 qualified panel contractors were selected to deliver the work. The new approach is expected to foster equitable and effective collaboration in engineering projects for wells.
The second initiative paves the way for establishing the MPM HWU Academy through a ,emorandum of understanding between Petronas and local and international HWU service providers. The academy, expected to be launched in 2025, will play a pivotal role in developing specialised skills in well abandonment and workover.
This initiative aims to empower a capable workforce for the sustainable growth of the local oil and gas industry.
MPM senior vice-president Datuk Ir Bacho Pilong said the IWCS contract is a major leap in MPM’s wells management strategy, which focuses on resource optimisation and job continuity.
“In addition, the MPM HWU Academy will be essential in strengthening local expertise to ensure the sector’s future success.
“Petronas continues to prioritise initiatives such as the IWCS contract and the MPM HWU Academy to enhance operational effectiveness and foster collaboration across the industry. These efforts will contribute to strategically positioning Malaysia more competitively in the global energy market,“ he added.
Petronas said it remains steadfast in its commitment to ensuring an optimal and sustainable supply of oil and gas for energy security, with MPM playing a crucial role in managing petroleum arrangements and providing stewardship for upstream petroleum activities in Malaysia.
