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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Both companies will deploy their own capital in these production enhancement projects and neither company will seek to book reserves or production.
NR
-
Which platforms will offer crypto ETNs?Crypto ETNs will soon once again be available to UK investors. We reveal the investment platforms planning to offer them to customers.
-
Healthcare stocks look cheap, but tread carefullyShares in healthcare companies could get a shot in the arm if uncertainty over policy in the US wanes, but are they worth the risk?
