KABUL, Afghanistan, June 25, 2014 /CNW/ - Bayat Energy and Schlumberger today announced the execution of a Memorandum of Understanding detailing a collective plan to discuss a non-exclusive Agreement under which Schlumberger will sell and/or lease certain of its oilfield equipment to Bayat Energy for use solely within Afghanistan.
According to Bayat Energy President Ehsannollah Bayat, "I am very excited to explore an agreement with Schlumberger to greatly accelerate the availability and deployment of their innovative oil and gas solutions in Afghanistan. Bayat Energy – working as a dependable, ethical and conscientious partner with the Government of the Islamic Republic of Afghanistan – aims to actively explore and develop oil and gas resources in a safe and environmentally responsible manner by leveraging technology and a talented workforce. We see this opportunity to discuss a potential agreement with Schlumberger as a terrific example of the type of world-class strategic collaborations we are pursuing in order to allow us to help transform the Afghan hydrocarbon exploration and production industry and develop Afghanistan's resources for the long-term benefit of the nation and the citizens."
About Bayat Energy
Bayat Energy, part of the larger Bayat Group, is an ambitious oil and gas exploration, development and production company focused on investing primarily in frontier markets with large exploration upside that have historically been underexplored and where we can build a significant presence. Building on an excellent capital base, high-caliber management team, and innovative international partnerships, the Company's initial focus is the exploration and production of the large undiscovered oil and gas reserves in the northern provinces of the Islamic Republic of Afghanistan. The Company's management has operated in Afghanistan for more than thirteen years and is able to utilize existing contacts and capabilities to capitalize on new opportunities in niche technical and business areas throughout the region leveraging on a proven track record of success. Please see more at www.bayat-energy.com and www.bayat-group.com.
Schlumberger is the world's leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 123,000 people representing over 140 nationalities and working in approximately 85 countries, Schlumberger provides the industry's widest range of products and services from exploration through production.
Schlumberger Limited has principal offices in Paris, Houston and The Hague and reported revenues of $45.3 billion in 2013. For more information, visit www.slb.com.
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SOURCE: Bayat Energy
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