Petrofac buddies up with Schlumberger

Oilfield services firms Petrofac and Schlumberger are to combine forces on a number of production projects in the emerging and growing production services and production enhancement market.

The agreement enables the firms to bid jointly for projects of a scale that they would not pursue independently, and to develop them at a much faster pace.

"The market opportunity for the collaboration is significant as major resource holders seek to develop discovered low-risk reserves against an industry environment characterised by a shortage of capability and capacity," a joint statement from the companies said.

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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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