ITF, the oil and gas industry technology facilitator announced Tuesday a new membership agreement with Thailand's national oil company PTT Exploration & Production Public Company Limited (PTTEP).
PTTEP is the latest ITF member in South East Asia and joins Malaysian state-owned Petronas to support oil and gas technology development and address technology challenges in the region.
ITF plans to secure $9.5 million (AUD 9 million, GBP 6 million) investment from its members across the Asia-Pacific region to launch ground breaking technologies. The organisation will also bolster its team by creating a business development position, which will be based at its Kuala Lumpur office to further strengthen its presence across the region.
ITF will now work with PTTEP to fund innovative solutions to key technology challenges which have been identified in South East Asia, including: unconventional reservoir characterisation; sub-basalt imaging and nanotechnology.
Headquartered in Bangkok, PTTEP has more than 3,500 employees and is dedicated to providing a sustainable petroleum supply to Thailand and the countries it operates in.
"Membership with ITF allows PTTEP to tackle the issues associated with unconventional reservoirs and operational technology challenges in a joined up approach with other oil and gas operators. Our existing operations in domestic and international areas as well as growth initiatives in deepwater Myanmar and Indonesia, can be efficiently supported through ITF joint industry projects," said Chumpol Rojanachan, Vice President, Corporate Knowledge Management from PTTEP.
ITF members share funding and risk on bringing forward new solutions through joint industry projects (JIPs). Developers are offered up to 100% funding and innovators retain full intellectual property rights.
"South East Asia is an important market for the energy industry and PTTEP's membership is central to our growth strategy for the area. We are dedicated to finding novel technologies that will help to boost production in the region," said Ryan McPherson, ITF's regional director in the Middle East and Asia Pacific.
ITF has launched more than 180 JIPs from early stage through to field trials and commercialisation. The organization aims to secure a further $78.8 million (GBP 50 million) for projects by 2015.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you