Oil services giants Petrofac and Schlumberger said today they had joined forces to tap a “significant” market in production services.
The firms have agreed a co-operation agreement between Petrofac’s Integrated Energy Services (IES) and Schlumberger’s Production Management (SPM).
This will see the two divisions work together in what Petrofac called “the emerging and growing production services and production enhancement market” in both field development and asset management.
Andy Inglis, chief executive of Petrofac IES, 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.
“Petrofac and Schlumberger have a common approach and I am tremendously excited by the scope of the opportunities we see for our combined capabilities.”
Petrofac said in a statement: “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.”