19 Dec 2017 07:00
Press Release
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19 December 2017
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PETROFAC COMPLETES MIGRATION OF SANTUARIO CONTRACT IN MEXICO
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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.
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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.
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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."
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Notes
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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.
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Ends
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For further information contact:
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Petrofac Limited
+44 (0) 207 811 4900
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Jonathan Low, Head of Investor Relations
jonathan.low@petrofac.com
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Alison Flynn, Group Head of Communications
alison.flynn@petrofac.comÂ
+44 (0) 207 811 4913
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Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
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Martin Robinson
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Notes to Editors
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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).
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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.
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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.
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For additional information, please refer to the Petrofac website at www.petrofac.com.