PETRONAS Launches Two New Initiatives to Bolster Malaysia's Oil & Gas Industry

PETRONAS, through its Malaysia Petroleum Management (MPM) division, has introduced two strategic initiatives to enhance the resilience of Malaysia's oil and gas industry: the Integrated Well Continuity Services (IWCS) contract and the establishment of the MPM Hydraulic Workover Unit (HWU) Academy.

The IWCS contract addresses rising costs and fluctuating market conditions by providing a balanced approach to managing costs and margins. It replaces the former Integrated Well Services (IWS) model, implementing a more comprehensive contracting strategy that segments work into four primary packages and 13 sub-packages, covering essential services like well interventions, well abandonment and workover, and subsea intervention services. After a rigorous evaluation process, PETRONAS selected 34 qualified contractors for these packages. This restructured approach promotes fair and efficient collaboration across engineering projects related to well management, aligning with PETRONAS' broader operational goals.

The second initiative, the MPM HWU Academy, aims to develop specialized skills in well abandonment and workover, with plans to launch in 2025. Established through a Memorandum of Understanding between PETRONAS and local and international HWU service providers, the academy will offer advanced training to build a highly skilled workforce for the sustainable growth of Malaysia’s oil and gas sector. The academy reflects PETRONAS' commitment to nurturing local expertise, equipping the workforce with critical skills to strengthen the industry for the future.

Datuk Ir. Bacho Pilong, Senior Vice President of MPM, highlighted the IWCS contract as a significant advancement in wells management, emphasizing its focus on resource optimization and job continuity. He also noted the importance of the MPM HWU Academy in bolstering local expertise, which will help secure the industry’s long-term viability. “PETRONAS remains committed to initiatives like the IWCS contract and HWU Academy, aiming to enhance operational effectiveness and promote collaboration across the sector. These initiatives will strategically position Malaysia as a more competitive player in the global energy market,” Bacho stated.

Through these initiatives, PETRONAS underscores its dedication to a sustainable and stable oil and gas supply, with MPM playing a key role in managing petroleum agreements and overseeing upstream activities in Malaysia. These efforts align with PETRONAS' commitment to energy security and reinforce its leadership in the local energy landscape, supporting Malaysia’s standing in the global market.

Petroliam Nasional Berhad (PETRONAS) is a global energy company dedicated to responsibly and sustainably producing and delivering the energy solutions essential for societal progress. As Malaysia’s national oil and gas corporation, PETRONAS protects and manages the nation’s hydrocarbon resources. With a focus on maximizing value through its integrated business model, PETRONAS strives to meet the energy demands of both Malaysia and its global customers.