Petrofac signs MoU with KazMunaiGas for Emba oil fields

1st Jul 2013 07:54

Petrofac has struck a deal with KazMunaiGas Exploration Production (KMG) of Kazakhstan to explore the Emba oil fields of KMG's subsidiary EmbaMunaiGas (EMG).The companies have signed a memorandum of understanding (MoU) to uncover opportunities to increase oil production at Emba.Under the terms of the MoU, Petrofac will evaluate Emba and submit an offer for the long-term improvement of the management and production of selected fields in order to progress a potential production enhancement contract.Abat Nurseitov, Chief Executive Officer of KMG, said: "The key objectives of KMG today are growth of consolidated production volume and replenishment and increase of oil and gas reserves at our core assets. "We hope that our partnership with Petrofac will allow us to accomplish optimisation of production and improve oil recovery in EMG mature fields."Andy Inglis, Chief Executive of Petrofac Integrated Energy Services, added: "We are delighted to be forging what we anticipate will be a long-term relationship with KMG 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."RD