ITF, the oil and gas industry technology facilitator, today announced a new membership agreement with Thailand’s national oil company, PTT Exploration and Production (PTTEP).
PTTEP is the latest ITF member in Southeast 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 £6m of investment from its members across the Asia-Pacific region to launch groundbreaking 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 that have been identified in Southeast Asia, including unconventional reservoir characterisation, sub-basalt imaging and nanotechnology.