KUALA LUMPUR: Uzma Bhd has tied up with Universiti Teknologi Petronas (UTP) to jointly undertake research and development (R&D) for big data analytics in the oil and gas (O&G) sector.

Big data analytics, according to the integrated solutions provider to the upstream O&G sector, could help address pressing issues such as the rising costs of extraction.

Uzma chief executive officer Datuk Kamarul Redzuan Muhamed said the group has embarked on the development of a big data analysis system and software a few years ago to provide upstream O&G players with a more comprehensive picture for their decision-making.

With the system, he said, the group is planning to develop a “data-driven oilfield” and provide O&G players with highly detailed and accurate satellite imagery and aerial photography of their oilfields.

“This would be the most cost-effective method of oil exploration and this could lower exploration risk and decrease project cost,” he said after inking the tie-up with UTP here yesterday.

Kamarul has some estimates on how much time the system can help save, but declined to divulge any figures. “It is still work in progress and I can’t disclose much detail now, but we have an internal target,” he added.

Uzma inked a five-year memorandum of understanding (MoU) with UTP for the proposed collaboration. The tie-up expires in 2021. Under the MoU, Uzma intends to set up an R&D centre in UTP. The MoU also optimises the learning and knowledge transfer between both parties.

Shares in Uzma dropped six sen or 3.24% to close at RM1.79 yesterday, with a market capitalisation of RM520.77 million.