Innovation

The oil industry is considered one of the most conservative sectors of the economy.

It is also assumed that investment in innovation is unnecessary when the system is running anyway. In real-world scenarios, though, contemporary oil companies are both major customers and main partners of research institutes.

There are hard-and-fast rules of today’s oil industry: no company may expect to stay competitive and succeed unless it has learned to produce and refine oil more efficiently than others as well as obtain petroleum products that are superior to the existing market requirements in terms of quality. All of this is unattainable without powerful technology tools. Therefore, technology advancement is one of the top priorities for MNKT.

Innovations are indispensable for achieving strategic goals of oil and gas companies. The revolutionary breakthroughs in the field of unconventional hydrocarbon production are as a result of many years of nationally coordinated efforts to enhance technology.

Nowadays oil and gas companies use state-of-the-art technology to develop hard-to-recover reserves and enter new production regions, as well as increase operational efficiency, maintain stability in the context of an unfavourable pricing environment and access reserves, taking the advantage of technology competencies.

The key objective of MNKT in terms of innovation growth for the next few years is to overcome technology challenges that might interfere with the achievement of strategic goals. It also aims at ensuring the Company’s leadership in the oil and gas sector for enhanced oil recovery of mature fields and development of hard-to-recover and unconventional reserves.

The history of implementing Innovation Growth Program shows that our Company achieved significant progress both in advances in production technology and control effectiveness.