Petrofac Limited Petrofac migrates Santuario contract in Mexico (7189Z)
December 19 2017 - 2:00AM
UK Regulatory
TIDMPFC
RNS Number : 7189Z
Petrofac Limited
19 December 2017
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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