PETROFAC, the oilfield services group, has struck a deal with KazMunaiGas Exploration Production (KMG) to explore oilfields in western Kazakhstan.
The FTSE 100 company said yesterday it has signed a memorandum of understanding with the Kazakhstani oil and gas firm that will allow it to increase oil production from the already mature Emba fields.
The Emba fields, which are owned by a KMG subsidiary, EmbaMunaiGas JSC (EMG), consist of around 37 oil fields located around the northern and western coast of the Caspian Sea.
Andy Inglis, chief executive of Petrofac’s integrated energy services, said: “We are delighted to be forging what we anticipate will be a long-term relationship with KMG EP and EMG which will allow us to provide capability and performance-enhancing management for their mature fields in what is a strategically important region for us.”
Petrofac has been active in Kazakhstan for almost a decade after one of the world's largest oil discoveries at the Kashagan oil field in 2000.