KUALA LUMPUR, Oct 25 (Bernama) — PETRONAS, through Malaysia Petroleum Management (MPM), announced two initiatives aimed at bolstering the robustness of the local oil and gas sector, namely the introduction of the Integrated Well Continuity Services contract and the planned establishment of the MPM Hydraulic Workover Unit Academy.
The first initiative, the Integrated Well Continuity Services (IWCS) contract was designed to address the challenges posed by rising cost and dynamic market conditions. The IWCS introduces a more balanced approach to cost and margins management compared with an earlier iteration known as the Integrated Well Services (IWS) model.