One of the principles upon which the foundation of the present Theory of Economic Alchemy rests is that “Technology is the major determinant of wealth because it determines the nature and supply of physical resources.” Therefore the advance in technology is important for the wealth of a nation, and the advance in technology depends on the effort spent on research and development (R&D).
Malaysia is blessed with sizeable petroleum reserves within its territories making it an exporter of petroleum. It is possible with the use of technology like Improved Oil Recovery (IOR) to arrest production decline via extension of a fields production life, and also increase additional production via optimization.
Qyrin Petroleum Technology (QPT) is a collaboration between Malaysians and China’s leading oil and gas experts. The primary objective of Qyrin Petroleum Technology is to further research, develop, and commercialize IOR technologies in Malaysia and the region. QPT’s Chinese experts come from an established R&D and technical consultancy association based in Beijing – Oilfield Development Technical Services Union (ODTSU) which consist of 49 renowned individuals from the oil and gas industry.
ODTSU is a non-governmental scientific research organization serving a spectrum of specialist technical services in oilfield development, with the latest technologies and methods from China E&P companies and oilfield development experts and scholars, including oilfield development companies, oilfield equipment manufacturers, the State/National testing laboratories, and notable oil and gas developmental experts and practitioners.
