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.
“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,” said Andy Inglis, chief executive of Petrofac’s integrated energy services. Petrofac has been active in Kazakhstan for almost a decade after one of the world’s largest oil discoveries was made at the Kashagan oil field in 2000.
The announcement was made during David Cameron’s trip to Kazakhstan, in the first trade mission to the country by a British Prime Minister.
Cameron is expected to oversee the signing of about a dozen contracts involving British firms while in Kazakhstan.