CORAL 2.0: Forging Collaboration towards Industry Cost Competitiveness in Malaysia

Ali, Hajejah (Malaysia Petroleum Management, PETRONAS) | Mohamad, Nurul Azni (Malaysia Petroleum Management, PETRONAS)

OnePetro 

Abstract Since early 2015, PETRONAS, through its Upstream Regulatory Unit (Malaysia Petroleum Management (MPM)) drives and coordinates an organized nationwide response to recent downturn of oil prices starting late 2014. Building on collective intelligence of the leaders from its Petroleum Arrangement Contractors (PACs), Oil and Gas Services and Equipment (OGSE) providers as well as PETRONAS’ internal organization, a cost optimization program, which termed as Cost Reduction Alliance (CORAL) 2.0 was defined to take Malaysian Upstream industry through a cost transformation journey, with the mission to optimize cost, improve efficiencies and drive innovation towards a new level of industry competitiveness. This paper documents the framework of this program and its key principles guiding the whole program execution. Several observations concerning its impact to Malaysian Upstream industry are also deliberated.

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