Petrofac inks a memo of understanding with 'KazMunaiGas Exploration and Production' JSC

ASTANA. July 1. KAZINFORM - The company Petrofac announces the signing of a Memorandum of Understanding ("MOU") with the Kazakh company "KazMunaiGas Exploration and Production" ("KMG EP") JSC. This is reported in the press release of the company.

The memorandum allows the parties to explore the possibilities of improving efficiency of production and the growth of oil production in mature fields of "EmbaMunaiGas" ("EMG") JSC, which is a 100% subsidiary of "KMG EP".

Under the terms of the memo Petrofac intends to conduct field assessment of "EMG" and work out a proposal for a long-term improvement of development and production at some fields of "EMG" for possible conclusion of the contract to increase oil recovery.

General Director of "KMG EP" Abat Nurseitov says "Key Challenges of KMG EP today are to increase consolidated production and replenishment and growth of hydrocarbon reserves in the core assets. We hope that within solutions of these problems our partnership with Petrofac will allow to realize optimization of production and increase oil output in mature fields of EMG. "

"We are pleased to participate in strengthening relations with "KMG EP" and "EMG" and are looking forward to their long-term nature. This will allow us to provide technical support and management of activities aimed at increasing production from mature fields of strategic importance to our region," said Andy Inglis, CEO of Petrofac Integrated Energy Services.

During nearly 10 years Petrofac has been providing services for design, construction, operation and maintenance in Kazakhstan, where the company has successfuly implemented a number of projects.