Singapore's Technics Oil and Gas Limited (Technics or together with its subsidiaries, the Group), a leading full service integrator of compression systems and process modules for the global offshore oil and gas sector, announced Friday that its wholly owned subsidiary PT Technics Offshore Jaya (TOJ) has entered into a Joint Operation Agreement with PT Elnusa Fabrikasi Konstruksi (Elnusa). The cooperation seeks to enhance Indonesia’s production capabilities and to address the country’s increasing appetite in oil and gas sector.
Indonesian-listed Elnusa is the only Indonesian national company that has capabilities in oil and gas services, seismic, drilling and oilfield. Elnusa provides geophysical data services, oil and gas, drilling services, oilfield services and support businesses etc in Indonesia. Elnusa started as a state-owned oil and gas PT Pertamina’s operations support services company in 1969. Today, Elnusa is Indonesia’s first integrated upstream oil and gas services company, providing dedicated one-stop services in Indonesia’s upstream oil and gas services industry.
Through this agreement, TOJ will provide cost-effective, environmental-friendly, cutting edge technology as well as technical support to Elnusa’s oil and gas projects throughout Indonesia. The agreement seeks to improve Indonesia’s oil and gas production efficiency through the manufacturing of oil and gas equipment such as gas compressor systems, pumping systems, well test equipment and hydraulic worker units etc.; upgrading maintenance services for on-shore and offshore platform and facilities; conducting advance rig refurbishment and establishing more micro LNG plants.
“In times of global economic uncertainty and depressed energy resource markets, oil and gas companies must be bold in transforming their business models to address Indonesia’s energy challenges. This agreement represents an industry defining moment to share expertise and technology to spur the industry forward, reduce operation cost and promote clean and green energy,” Robin Ting, Technics' executive chairman said.
This agreement is not expected to have positive material impact on the earnings per share for the financial year ending September 2015.
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