KazMunaiGas Exploration Production, British Petrofac sign memorandum of understanding
Kazakhstan, Astana, July 1 / Trend D.Mukhtarov /
KazMunaiGas Exploration Production JSC and British oil and gas company Petrofac Limited signed a Memorandum of Understanding aimed at improving the efficiency of production from Kazakhstan's fields, KazMunaiGas Exploration Production reported on Monday.
"The memorandum allows the parties to explore the possibilities of improving the efficiency of production and the growth of oil production in mature fields of EmbaMunaiGas JSC (EMG), which is a 100 per cent subsidiary of KazMunaiGas Exploration Production, according to the report.
Under the terms of the memorandum, Petrofac intends to evaluate the EMG fields and prepare a proposal for a long term improvement of development and production at some EMG fields for the possible conclusion of the contract to increase oil recovery.
"Today, the key objectives of KazMunaiGas Exploration Production are to increase consolidated production and replenishment and growth of hydrocarbon reserves in the core deposits. We hope that following the resolution of these problems, our partnership with Petrofac will allow for the optimisation of production and increase of oil recovery in the EMG mature fields," General Director of KazMunaiGas Exploration Production Abat Nurseitov said.
According to the General Director of Petrofac Integrated Energy Services Andy Inglis, the strengthening of relations with KazMunaiGas Exploration Production and EMG will allow the British company to provide technical support and management of activities aimed at increasing production from mature fields of the region that is strategically important for the company.
During nearly 10 years, Petrofac provided design, construction and operation and maintenance services in Kazakhstan, where the company has successfully implemented a number of projects.
KazMunaiGas Exploration Production is one of the top three oil producers in Kazakhstan. The company's production volume including shares in JV Kazgermunai LLP, CCEL (Karazhanbasmunai JSC) and PetroKazakhstan, amounted to 12.2 million tons (247,000 bpd) in 2012.
The company's proven and probable reserves at the end of 2011 amounted to 226 million tons (1.7 billion bbl), and about 2.1 billion barrels with consideration of shares in joint ventures.
Petrofac is a leading international provider of services for the production and processing in the oil and gas industry with a diverse portfolio of clients including many of the world's leading integrated, independent and national oil companies.
Petrofac operates seven strategically located operational centres in Aberdeen (Scotland), Sharjah, Abu Dhabi (UAE), Woking (UK), Chennai, Mumbai (India) and Kuala Lumpur (Malaysia), and has 24 offices around the world .