Petrofac Regulatory News (PFC)

25 Sep 2006 10:45

Petrofac Limited25 September 2006 PETROFAC LIMITED ("PETROFAC") COMMENCEMENT OF PRODUCTION FROM CENDOR FIELD, MALAYSIA Petrofac, the international oil & gas facilities service provider, is pleased toannounce the commencement of production from the Cendor field in Block PM304offshore Malaysia. Petrofac Malaysia, a wholly owned subsidiary of PetrofacResources, is Operator of the field with Petronas Carigali, Kuwait ForeignPetroleum Exploration Company (Kufpec) and PetroVietnam Investment DevelopmentCompany (PIDC) as its development partners. Petrofac has a 30% interest in theproduction sharing contract for the field which is estimated to have provenreserves of 24.6 million barrels of oil. Working alongside its partners, Petrofac has developed an innovative solutionfor the development of the field, which sees the first mobile offshoreproduction unit (MOPU) in Malaysian waters connected to a spread moored floatingstorage and offloading unit (FSO) via a flexible submarine pipeline. Petrofac isusing its operations services capability to deliver efficient operationalmanagement of the field. Production from the field commenced on 23 September2006 and has averaged 3,500 barrels of oil per day from one of the expectedseven first phase development wells, five of which have now been drilled. Thewells are being brought on stream selectively to allow testing of the reservoirover the coming weeks. Richard Hall, Vice President of Operations and Development for the Resourcesdivision and General Manager of Petrofac Malaysia for the engineering anddevelopment phase, commented: "The commencement of production is a majorachievement based on vision, perseverance and hard work. I am very proud of ourteam here in Malaysia and thank them for their dedication and efforts. We havebeen able to take the Cendor project from farm-in to full production in lessthan two years in a tight market, within budget and ahead of the prescribedtimetable. I would also like to thank our partners for their support,particularly Petronas Carigali with whom we have worked especially closely." Amjad Bseisu, Chief Executive of Petrofac's Resources division, said:"Production start-up from Cendor is a milestone for Petrofac. This extendsPetrofac's business model for developing smaller fields with innovativesolutions to new basins. Production from Cendor also establishes South East Asiaas a new core area for Petrofac and we look forward to the field's furtherdevelopment phases and to future collaboration with Petronas." Ayman Asfari, Petrofac's Group Chief Executive, said: "This is a good example ofhow our integrated business model creates added value, with our engineeringdesign capability providing the facilities solution and our operations servicescapability assisting with the operational management of the field. This is acore asset for Petrofac and offers the prospect to grow our South East Asiabusiness." Ends For further information, contact: Petrofac Limited +44 (0) 20 7811 4900Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerRobin Caiger, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Ann-marie WilkinsonGeoff Callow Notes to Editors Petrofac Petrofac is a leading international provider of facilities solutions to the oiland gas production and processing industry, with a diverse client portfolioincluding many of the world's leading integrated, independent and national oiland gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC)and is a constituent of the FTSE 250 Index. Through its three divisions, Engineering & Construction, Operations Services andResources, Petrofac designs and builds oil and gas facilities; operates,maintains or manages facilities and trains personnel; and, where return criteriaare met and service revenue synergies identified, co-invests with clients andpartners. Petrofac's range of services allows it to help meet its clients' needsacross the life cycle of oil and gas assets. Petrofac operates out of four strategically placed international centres inSharjah, UAE; Aberdeen, Scotland; Mumbai, India; and Woking, England, and has afurther 13 offices worldwide, with approaching 8,000 employees. Petrofac'sbusiness is focused on the UK Continental Shelf (UKCS), the Middle East, NorthAfrica and the Former Soviet Union (FSU). For additional information, please refer to the Petrofac website atwww.petrofac.com. This information is provided by RNS The company news service from the London Stock Exchange