The 2015 oil price downturn and future uncertainty in the industry have resulted in Malaysia Oil and Gas Regulator PETRONAS (MPM) taking a more proactive role in driving Malaysian Petroleum Arrangement Contractors (PACs) to maximize lifecycle value from their well stock. Key focus areas include streamlining review processes, reducing well cost, maximizing production from active wells and reactivating idle wells, reducing failures from well activities, driving value driven surveillance and promoting low cost well abandonment. This paper will focus on how the objective & value driven approach by PETRONAS MPM have resulted in business performance improvements at the national level through proactive and effective well value maximization throughout field/well lifecycle, from exploration stage down to the decommissioning and abandonment stage.
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Guillory, Ryan; Wan Razali, Wan Aziz; Masoudi, Rahim; Ahmad, Nur Asyikin; Hamid, Azaruddin Azral; Mahidi, Khairul Azmi; Well Reclassification Guidelines: The Backbone to Optimised Well management at Country Level in Malaysia, paper SPE-193940-MS (2018).
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