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.
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.
Subscribe to 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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Is property investment still as safe as houses? Why golden era could be over
The golden era of property is over and investors are better off in the stock market, new research suggests
-
What Santander’s takeover of TSB means for customers
Santander is set to buy rival TSB for £2.65 billion. What does it mean for customers, and could we see the TSB brand disappear from the high street?