Since 2011 Integrated Energy Services (IES) has provided an integrated service for clients under flexible commercial models that are aligned with their requirements.
Our projects cover upstream developments - both greenfield and brownfield, related energy infrastructure projects, and can include investment.
IES deploys the Group’s capabilities to meet the individual needs of our clients, using a range of commercial frameworks, including:
Production Enhancement Contracts (PECs)
We earn a tariff per barrel on PECs for an agreed level of baseline production and an enhanced tariff per barrel on incremental production. In 2016 we continue to work towards migration of our PECs to Production Sharing Contracts in Mexico. We have agreed to exit the Ticleni PEC in Romania in the second quarter of 2016.
Risk Service Contracts
We develop, operate and maintain a field, while the resource holder retains ownership and control of the reserves. Often we co-invest in the development and are reimbursed based on our performance.
Traditional Equity Upstream Investment models, including Production Sharing Contracts (PSCs) and concession agreements
The Greater Stella Area (GSA) project in the North Sea is an example of an upstream investment. We’re currently modifying a vessel - the FPF1 floating production facility - through our PEPS West business. The marine work is expected to be completed to enable sail away during the second quarter of 2016, with first production from the Greater Stella Area development expected in summer 2016.
Our priority for 2016 continues to be to manage the IES portfolio to maximise value.
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