Petrofac Regulatory News (PFC)

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