Synertec secures two contracts in Caspian Sea
- Business & Finance
SML Corporation, now known as Synertec Corporation, has secured two contracts in the Caspian Sea from the North Caspian Operating Company N.V. Kazakhstan (NCOC).
SML Corporation is a holding company for a mineral resource exploration group in eastern Victoria, Australia. As of August 8, 2017, the company was acquired by Synertec Corp Ltd, a multi-disciplined engineering consulting firm, in a reverse merger transaction.
SML is currently waiting on notification from the authorities to change its name to Synertec Corporation Limited.
The company said last Friday that, under the new contracts with NCOC, Synertec would be providing the design and supply of instrumentation, electrical, and mechanical equipment directly to the business.
NCOC is the operator of activities under the North Caspian Sea Production Sharing Agreement (NCSPSA) held by seven companies, Eni (16,81%), KazMunayGas (16.81%), ExxonMobil (16.81%), Shell (16.81%), Total (16.81%), CNPC (8.33%) and Inpex (7.56%).
Assets within the 5,600-square kilometer NCSPSA contract area include the giant Kashagan field, one of the largest petroleum developments in the world.
The development of Kashagan, in the harsh offshore environment of the northern part of the Caspian Sea, represents a unique combination of technical and supply chain complexity. The combined safety, engineering, logistical and environmental challenges make it one of the largest and most complex industrial projects currently being developed anywhere in the world.
Kashagan has been described as one of the largest oil fields discovered in the last 40 years, with estimated reserves of 35 billion barrels of oil in place.
Synertec’s managing director, Michael Carroll, said: “The contracts with NCOC, while initially small, were secured following their extensive pre-qualification process of international organizations and will provide future opportunities for Synertec.
“In our view, the contracts are a testament that Synertec can secure highly complex projects, both domestically and internationally and supports the strategy of adopting a more global perspective. It is fair to say that we are excited to be working with NCOC.”