An integrated system is disclosed to handle production of multiphase fluid consisting of oil, gas and water. The production stream is first separated into two streams: a liquid dominated stream (GVF<5% for example) and a gas dominated stream (GVF>95% for example). The separation can be done through shrouds, cylindrical cyclonic, gravity, in-line or the like separation techniques. The two streams are then routed separately to pumps which pump dissimilar fluids, such as a liquid pump and a gas compressor, and subsequently recombined. Both pumps are driven by a single motor shaft which includes an internal passageway associated with one of the pumps for reception of the fluid from the other pump, thereby providing better cooling and greater overall efficiency of all systems associated therewith. A method for providing artificial lift or pressure boosting of multiphase fluid is also disclosed.