Petrofac completes Mexico contract migration
SHARJAH, December 19, 2017
Petrofac, a leading oil services company, has announced that it has completed the migration of its Santuario Production Enhancement Contract (PEC) in Mexico into an interest in a production sharing contract (PSC).
Effective from December 18, Petrofac will own a 36 per cent equity interest in the PSC, with Pemex Exploration & Production Mexico having a 64 per cent interest.
The PSC will run for 25 years, with two optional five-year extensions. Petrofac will be the 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.”
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 7 kboed in 2016.
Petrofac has major operational centres in Sharjah and Abu Dhabi. - TradeArabia News Service
