KUALA LUMPUR (March 23): Petronas Technology Ventures Sdn Bhd (PTVSB) is commercialising its pipeline leak prevention technology under a manufacturing and marketing licensing deal with two Australian firms.

In a statement today, PTVSB chairman Zakaria Kasah said the company signed the licensing agreement with Cooperative Research Centre for Advanced Composite Structures (CRC-ACS) and Advanced Composite Structures Australia Pty Ltd (ACS Australia).

Under the agreement, the system, known as ProAssure Clamp, will be manufactured and marketed internationally by ACS Australia, a spin-off company of CRC-ACS, according to him.

"This advanced composite solution provides Petronas with the opportunity to execute a safe and cost effective leak repair at our facilities.

"In addition, the ProAssure Clamp is customisable and this provides more benefits in terms of cost as it enables leak repair to be performed without a costly shutdown.

"The advantages offered by the ProAssure Clamp are in line with Petronas' effort to support sustainability and strengthen the Malaysian oil and gas industry's competitive advantage by optimising costs, increasing efficiency and driving innovation," Zakaria said.

CRC-ACS chief executive officer Murray Scott said the clamps would be engineered to meet specialised customer requirements.

"It is our intention for ACS Australia to work with Petronas and other Malaysian companies to make the ProAssure Clamps available to the industry," Scott said.