Petrofac Lands $350M Deal for Work Off Equatorial Guinea

(Credit: Petrofac)
(Credit: Petrofac)

Oilfield services provider Petrofac has secured a technical services contract from the national oil company of Equatorial Guinea GEPetrol to support the operations of Block B assets.

Under the contract, valued at around $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 (MEGI). Petrofac will manage the contract from Malabo, supplementing support from its technical hub in Aberdeen, UK, sharing its extensive duty holder expertise.

“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,” said Nick Shorten, Chief Operating Officer of Petrofac’s Asset Solutions business.

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

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