Datuk Mohd Annuar Taib, Petronas Carigali president and Petronas development and production chief executive officer, said the new invention, known as intelligent circulation while drilling (ICWD) tool, would significantly reduce drilling cost in the challenging upstream exploration and development environments.
"Usage of the tool is expected to save more than RM150 million in drilling cost per year in Malaysia as the upstream operations move into new and increasingly harsh and challenging drilling territories," he said in a statement today.
He said the tool is being designed to safeguard complex equipment commonly used in today's drilling operations.
It will help drillers cure losses encountered in difficult wells and allow for continuous drilling operations without the limitations of the current technologies, he added.
-- BERNAMA