Petrofac has signed a memorandum of understanding with KazMunaiGas Exploration Production JSC (KMG) of Kazakhstan, allowing both parties to explore opportunities to improve the efficiency of oil production and increase production from the mature Emba fields of KMG EP's 100 per cent subsidiary EmbaMunaiGas JSC (EMG).
Petrofac intends to evaluate the Emba fields and submit an offer for the long term improvement of the management and production in selected fields in order to progress a potential Production Enhancement Contract.
Chief executive of Petrofac integrated energy services Andy Inglis 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.
The news comes following David Cameron’s trade mission to Kazakhstan to build stronger business links and sign deals that could be worth £700m to UK firms. Cameron and President Nursultan Nazarbayev began talks last night during a two hour flight on the presidential jet.