LONDON - British energy services firm Petrofac
The two companies said on Thursday that they had signed a co-operation agreement which will let them work together on projects to help resource holders such as national oil companies develop and enhance production from their oil and gas fields.
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, Andy Inglis, head of Petrofac's Integrated Energy Services (IES) division said.
Petrofac said last year that it aimed to double its 2010 earnings by 2015 through building up its IES business which provides services to help develop oil reserves.
The two companies said they believe a significant opportunity exists to win business from major resource holders which want to develop low-risk reserves.
Such holders tend to be national oil companies who lack the expertise to boost production themselves but don't want to give up the title to reserves, which they would have to do if they teamed up with a traditional oil firm.
Petrofac became the first foreign company to operate fields in Mexico for 70 years when it won a contract there in August, and has also set its sights on winning business in Iraq and Turkmenistan.
Shares in Petrofac closed at 1,465 pence on Wednesday, valuing the firm at 5.1 billion pounds.
(Reporting by Sarah Young; Editing by Matt Scuffham)