May 18, 2024

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Timely Service

Petrofac Bags $350MM Contract from Equatorial Guinea NOC

3 min read

Services provider Petrofac Ltd has secured a technical services contract valued at $350 million over five years from Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol), the national oil company of Equatorial Guinea. 

Petrofac will provide services to support the operation of the region’s Block B asset. Petrofac will deliver technical services across onshore support bases, a floating production, storage, and offloading (FPSO) unit, and a platform on behalf of the operator GEPetrol, a Petrofac news release said.

The contract draws on the company’s Asset Solutions core services, including operations, maintenance, asset integrity, integrity management, marine services, well engineering, project delivery and supply chain services, Petrofac said in its release.

“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,” Nick Shorten, COO of Petrofac’s Asset Solutions, said.

“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,” Shorten added.

“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 optimization,” he noted.

“Today’s contract signing marks a key milestone in our journey to becoming operator of Block B on [June 1, 2024],” Teresa Isabel Nnang Avomo, Director General of GEPetrol, said.

“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,” Avomo added.

“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,” Antonio Oburu Ondo, Equatorial Guinea’s Minister of Mines and Hydrocarbons, stated.

“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,” Ondo said.

The contract follows Petrofac’s initial scope supporting the transition of the asset from Mobil Equatorial Guinea Inc (MEGI). Petrofac will manage the contract from Malabo, supplementing support from its technical hub in Aberdeen, United Kingdom (UK), according to the release.

BP Contract Extension

Further, Petrofac has also won a contract extension from BP plc to continue to support the oil major’s North Sea portfolio.

Petrofac will provide maintenance and engineering services under the terms of a three-year, multimillion-dollar contract, the company said in a separate statement.

Shorten said, “Petrofac has supported BP in the North Sea for 15 years. This award is testament to delivering shared goals of increased efficiency and asset life extension. We look forward to continuing this relationship, delivering safe and reliable operations”.

Petrofac describes itself as an energy services company that designs, builds, and operates energy facilities engineered for safety, optimal efficiency, and low emissions.  

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