Press Release
1 July 2013
PETROFAC LIMITED
PETROFAC SIGNS MEMORANDUM OF UNDERSTANDING WITH
KMG EP OF KAZAKHSTAN
Petrofac announces that it has signed a Memorandum of Understanding ("MOU") with KazMunaiGas Exploration Production JSC ("KMG EP") of Kazakhstan.
The MOU allows the parties to explore opportunities to improve the efficiency of oil production and increase production from the mature Emba fields of KMG EP's 100% subsidiary EmbaMunaiGas JSC ("EMG").
Under the terms of the MOU, Petrofac intends to evaluate the Emba fields and to submit an offer for the long term improvement of the management and production in selected Emba fields in order to progress a potential Production Enhancement Contract.
Abat Nurseitov, Chief Executive Officer of KMG EP, commented: "The key objectives of KMG EP 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 optimization of production and improve oil recovery in EMG mature fields."
Andy Inglis, Chief Executive of Petrofac Integrated Energy Services, commented: "We are delighted to be forging what we anticipate will be a long-term relationship with KMG EP 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."
Petrofac's Engineering, Construction, Operations and Maintenance business has been active in Kazakhstan for almost a decade and has successfully delivered a number of projects in the country.
Ends
For further information contact:
Alison Flynn +44 (0) 207 811 4913
Head of Media Relations
Petrofac
Tulchan Communications Group Ltd +44 (0) 20 7353 4200
Stephen Malthouse
Martin Robinson
[email protected]
Notes to Editors
Petrofac
Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil and gas assets.
With more than 18,000 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.
For additional information, please refer to the Petrofac website at www.petrofac.com.
