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Malaysian oil major, Petronas has adopted the asset optimization software of AspenTech to optimize its asset and maximize profitability at its Refinery and Petrochemical Integrated Development (RAPID) facility in Pengerang, Johor. RAPID which is among six additional facilities is Petronas’ largest downstream investment in Malaysia. PETRONAS has deployed a bunch of other software to improve operational excellence at its facilities.
The Oil and Gas Innovation Centre (OGIC) is finalising agreements on five new technologies, attracting an investment of almost £3.8 million. The technologies being developed are said to have the potential of curbing the operational costs and improve efficiency. OGIC recently signed its 75th project, to which CEO Ian Phillips regards as a milestone that reflects an appetite to develop solutions for the challenges encountered by the industry.
Chevron Technology Ventures LLC (CTV) has announced the launch of Chevron Tech Challenge, an initiative to encourage entrepreneurs, startups and academicians to propose innovative solutions for oil and gas industry’s problems. This will also open the portal to company’s renowned Catalyst Program which aims at supporting early-stage companies. The aim of the challenge is to generate solutions for the industry’s persisting challenges while competing for cash prizes.