Energy services firm Petrofac have announced they have signed a cooperation deal with the world's largest oil field services company, Schlumberger with the aim of developing big projects alongside oil companies.
The deal will allow the two companies to work together along with other oil companies with the aim helping oil firms enhance productivity on their oil and gas fields.
Both firms will be supplying their own skills and resources into the collaboration in order to bid for big projects with national oil companies.
Petrofac will hope this can help significantly with their aims to double profits by 2015 by allowing its Integrated Energy Services division to help develop oil reserves at a faster rate.
Andy Inglis, head of Petrofac's IES division said 'The creation of this framework will enable us to bid jointly for projects of a scale that we would not pursue independently, and to develop them at a much faster pace.'
The IES will collaborate with Schlumberger's Production Management division to deliver 'integrated and high-value production projects in the emerging and growing production services and production enhancement market.' According to Petrofac, oil companies are seeking alternative options as they look to develop 'low risk reserves in an industry environment characterised by a shortage of capability and capacity.'
Miguel Galuccio, president of Schlumberger Production Management said 'Schlumberger and Petrofac share a common global culture that promotes the complementary nature of their respective products and services and together will provide a one-stop shop for clients in emerging field development and asset management services.'
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