Last checked at 19 Dec 2017 07:00
Press Release
19 December 2017
PETROFAC COMPLETES MIGRATION OF SANTUARIO CONTRACT IN MEXICO
Petrofac announces that it has completed the migration of the Santuario Production Enhancement Contract (PEC)1 into an interest in a Production Sharing Contract (PSC)2.
Effective from 18 December 2017, Petrofac will own a 36% equity interest in the PSC, with PEMEX Exploration & Production Mexico (PEMEX) having a 64% interest. The PSC will run for 25 years, with two optional five-year extensions. Petrofac will be Operator of the block and will carry PEMEX's share of cash calls for the first year.
Rob Jewkes, Chief Operating Officer, Integrated Energy Services, commented: "We are pleased to have successfully concluded the migration of the first of our Production Enhancement Contracts. We are committed to unlocking value in the block through a new field development plan in conjunction with our partner PEMEX."
Notes
1. The Santuario Production Enhancement Contract was signed in October 2011. It covers the onshore Santuario block in Tabasco State, central Mexico, which produced an average of c. 7 kboed in 2016.
2. As at 30 June 2017, the net book value of the Santuario PEC was US$260 million. As a result of the migration, Petrofac expects it will incur a small impairment charge.
Ends
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
jonathan.low@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
+44 (0) 207 811 4913
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
Notes to Editors
Petrofac is a leading international service provider to the oil & gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its clients' needs across the full life cycle of oil & gas assets.
With around 13,000 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.
For additional information, please refer to the Petrofac website at www.petrofac.com.