Press
Release
18 APRIL
2024
PETROFAC
SUPPORTING NATIONAL OIL COMPANY
OF EQUATORIAL
GUINEA
Petrofac, a leading provider of
services to the global energy industry, has today been awarded a
Technical Services Contract by Compañía Nacional de Petróleos de
Guinea Ecuatorial (GEPetrol), the National Oil Company of
Equatorial Guinea, to support the operation of the region’s Block B
asset.
Under the
contract1,
valued at around US$350 million over five years, Petrofac will
deliver technical services across onshore support bases, an FPSO
and a platform on behalf of GEPetrol, the Operator. The contract
draws on Asset Solutions’ core services, including operations,
maintenance, asset integrity, integrity management, marine
services, well engineering, project delivery and supply chain
services.
This follows Petrofac’s initial
scope supporting the transition of the asset from Mobil Equatorial
Guinea Inc (MEGI). Valuing local capability, staff and contractors
that were previously in place will continue in various roles,
retaining valuable expertise and knowledge of the assets. Petrofac
will manage the contract from Malabo, supplementing support from
its technical hub in Aberdeen, UK, sharing its extensive Duty
Holder expertise.
Nick Shorten, Chief Operating
Officer of Petrofac’s Asset Solutions business
commented:
“We look forward to developing our
relationship with GEPetrol further, collaborating to extend the
life of the field to build a legacy of energy independence and
sustainable growth for Equatorial Guinea.
“This award is an excellent example
of our strategy in action: selectively growing our geographic
footprint and driving value for our clients through late life asset
optimisation.
“Africa is a
key focus for our Asset Solutions business and we are pleased to
build on our operations in
Ivory Coast, Ghana and Senegal and Mauritania with this opportunity
in Equatorial Guinea.”
Antonio Oburu Ondo, Equatorial
Guinea’s Minister of Mines and Hydrocarbons added: “Our vision is
to create a fully capable nationally-operated oil and gas company
to manage our assets. Today, I am proud that our vision is becoming
a reality.
“We will grow our economy through
diverse partnerships and investment in our people. Combining our
strong indigenous capabilities, with Petrofac’s global expertise
and experience, we will deliver significant value for our
country.”
Teresa Isabel Nnang Avomo, Director
General of GEPetrol commented: “Today’s contract signing marks a
key milestone in our journey to becoming Operator of Block B on 1
June 2024.
“We are excited to grow our
partnership with Petrofac. By unlocking the huge potential of our
indigenous national workforce, we will build with Petrofac’s
assistance, an organisation for the long-term management and
development of our country’s oil and gas
assets.”
For the latest update on Petrofac’s
review of strategic and financial options, please refer to the
Group’s announcement dated 12 April 2024.
NOTES
-
The effectiveness of the contract is subject to the
satisfaction to a number of conditions precedent, including in
relation to the completion of transition arrangements with MEGI and
Governmental and legislative approvals in Equatorial Guinea.
Petrofac expects to make a further announcement when these have
been fulfilled, at which point this contract will be added to the
Asset Solutions backlog. No performance guarantees are required to
be posted in relation to this contract.
ENDS
For further
information contact:
Petrofac:
James Boothroyd, Head of Investor
Relations
James.boothroyd@petrofac.com
Sophie Reid, Group Director of
Communications and Culture
Sophie.reid@petrofac.com
Teneo (for
Petrofac):
+44 (0) 207 353 4200
petrofac@teneo.com
NOTES TO
EDITORS
Petrofac
Petrofac is a leading international
service provider to the energy industry, with a diverse client
portfolio including many of the world’s leading energy
companies.
Petrofac designs, builds, manages
and maintains oil, gas, refining, petrochemicals and renewable
energy infrastructure. Our purpose is to enable our clients to meet
the world’s evolving energy needs. Our four values - driven, agile,
respectful and open - are at the heart of everything we
do.
Petrofac’s core markets are in the
Middle East and North Africa (MENA) region and the UK North Sea,
where we have built a long and successful track record of safe,
reliable and innovative execution, underpinned by a cost effective
and local delivery model with a strong focus on in-country value.
We operate in several other significant markets, including India,
South East Asia and the United States. We have 8,500 employees
based across 31 offices globally.
Petrofac is quoted on the London
Stock Exchange (symbol: PFC).
For additional information, please
refer to the Petrofac website at www.petrofac.com