AGR Petroleum Services has secured a contract worth more than £450,000 to provide its risk management software to Petronas, Malaysia's National Oil Company (NOC).
AGR's P1™ version 3.9.9 technology allows operators to maximize performance during well construction projects by drawing on data from previous activity to offer operators a range of solutions to problems that may arise. It provides the costs associated with these, enabling engineers to quickly understand the financial implication of their decision. It also generates likely outcome scenarios of particular actions.
The three year contract with Petronas, which has an option to extend for a further two years, will see AGR provide both the software and associated training. AGR's teams in the UK and Australia have been collaborating to tailor the software for the NOC.
Chris Ferrier, AGR's Vice President of Information Technology, said, "While other parts of the AGR Group have been active in Malaysia for a number of years, this is the first time we have provided an oil and gas company in the country with our P1™ software and we’re delighted to be working with Petronas.
"The technology is already being used by a number of international operators and service companies to manage and identify risks more efficiently. We are continously developing and upgrading the software with the latest data from well management projects to ensure it is as accurate and effective as possible."
P1™ version 3.9.9 is compatible with Windows and is Vista certified. It enables engineers to compare real-time data with the model to monitor construction work as it progresses. In this way, corrective action can be taken at an early stage and so allows costs and lengthy delays to be kept to a minimum.
To build its presence in the Malaysian market following this contract win AGR Petroleum Services has entered into an agreement with Eureka Effective who will act as an agent for the P1™ software.
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