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Petrofac and Schlumberger to join forces

Industry

Petrofac and Schlumberger announced that under a new deal they would be combining their production services and enhancement arms to address new market opportunities.

Integrated and high-value projects

In a joint statement, the companies said that Petrofac's Integrated Energy Services division would work with Schlumberger Production Management to deliver what it said would be "integrated and high-value production projects in the emerging and growing production services and production enhancement market."

Life-of-field approach

Miguel Galuccio, president, Schlumberger Production Management stated: "Schlumberger's subsurface knowledge, production engineering, well construction and project management services coupled with Petrofac's surface facility design, installation and ongoing operational field management create a life-of-field approach coupled with a performance-focused commercial model to optimize asset development and overall value."

To bid jointly

Andy Inglis, chief executive, Petrofac IES commented, "The creation of this framework will enable us to bid jointly for projects of a scale that we would not pursue independently, and to develop them at a much faster pace. Petrofac and Schlumberger have a common approach and I am tremendously excited by the scope of the opportunities we see for our combined capabilities."

Both companies will deploy their own capital in these production enhancement projects and neither company will seek to book reserves or production.

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