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

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

Sign up

Both companies will deploy their own capital in these production enhancement projects and neither company will seek to book reserves or production.

NR

MoneyWeek

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.