OTC Asia 2016 Spotlight Award

by mit technologies

23 Mar/16

Arnis Judzis, OTC Asia Oversight Committee Chairman and Datin Rashidah, GM, Operational Technology Deployment, Petronas PCSB, with Ahmed Tahoun, CEO MIT Technologies

KUALA LUMPUR, March 23 — Our newly launched Intelligent Circulation While Drilling tool, iCWD, has been awarded the OTC Asia 2016 Spotlight on New Technology award (SONT). It is not only an honour to win this SONT award but also an industry recognition that iCWD provides significant time-saving, safety and efficiency improvement features, that reduce the cost of well construction. Our technology was developed over the past six years in collaboration and support of Petronas who is actively deploying iCWD in their offshore drilling operations . [br /]

iCWD, is the industry first intelligent drilling valve system that provides remote-controlled operation using agile activation. One or more iCWD spaced apart in any configuration can be operated individually to any of its four modes using RPM, Flow, or pressure in a few minutes improving well control and drilling economics. Intellectual property rights, including a recently granted patent, are jointly owned by PETRONAS and MIT Technologies.

[br /]

Technologies to be considered for the OTC Asia Spotlight on New Technology must meet six general criteria: new, innovative, proven, broad interest, significant impact, and address a uniquely regional industry need. Both hardware and software technologies are applicable

[br /]

A committee made up of representatives from the OTC Asia Oversight Committee and program committee judge the applications.

New. The technology must have been offered to the marketplace in a ready-for-commercialization[br /]

[br /]

state less than two years prior to the application date.

[br /][br /]

Innovative. The technology must be original, ground-breaking, and capable of having a major impact on the offshore E&P industry.

Proven. The technology must be proven, either through full-scale application or successful prototype testing.

[br /]

The technology must have broad interest and appeal for the industry.

[br /]

Significant Impact. The technology must provide significant benefits beyond existing technologies. Environmental impact is an important judging criterion.

[br /]

Regional Impact. The technology must address an issue unique to the Asia Pacific region.

[br /]