Sunday, September 22, 2019

Petrofac News

Petrofac Sells Mexico Assets to Perenco

(Photo: Petrofac)

Oilfield services company Petrofac Ltd said on Thursday it would sell the remaining 51% interest in its Mexican oilfields for up to $276 million to Anglo-French oil and gas company Perenco.Petrofac, which had offloaded a 49% stake in the operations to Perenco last year, said the sale includes interests in onshore fields Santuario and Magallanes as well as offshore field Arenque and that it plans to use the proceeds to cut debt."This disposal reinforces our position as a capital-light business and represents further progress

Bribery Probe Slows Petrofac Sales

(Photo: Petrofac)

Petrofac Ltd on Wednesday reported a fall in first-half order intake and forecast lower 2020 revenue, citing uncertainty relating to an investigation into the oilfield services company's dealings in Saudi Arabia and Iraq.Petrofac, which designs, builds and operates oil and gas facilities, said in June it had lost out on $10 billion worth of contracts globally due to the investigation by Britain's Serious Fraud Office (SFO)…

Drydocks World to Build North Sea Platform

Photo: Drydocks World

Dubai-based Drydocks World has signed a contract with Petrofac and end-client TenneT to build a High Voltage Alternating Current (HVAC) platform in the Netherlands sector of the North Sea.The service provider to the marine, offshore, oil, gas and renewable energy sectors said in a press release that the HVAC platform will be part of a renewable energy wind farm, located in the Hollandse Kust Zuid grid connection in Netherlands sector of the North Sea.The approximately 3…

NPCC, Petrofac JV Bag Al Yasat Offshore Gig

Image: NPCC

National Petroleum Construction Company (NPCC) and Petrofac, in a joint venture with CNPC, have won a front-end engineering design (Feed) contract from Adnoc Group company Al Yasat Petroleum for the Belbazem Block Development project located offshore in Abu Dhabi.The contract's scope of works includes the submission of a Feed package and proposal for the engineering, procurement, construction, and installation (EPCI) of the facilities…

Petrofac Wins HKZ Offshore Grid Project

Image: Petrofac Wins

TenneT, the Dutch-German transmission grid operator, has awarded the oilfield services provider Petrofac work on the Beta high voltage alternate current (HVAC) substation platform in the North Sea for the Hollandse Kust Zuid (HKZ) wind farm.Petrofac was already awarded the contract for HKZ platform Alpha in July 2018 and subsequent confirmation of HKZ platform Beta option.The HVAC offshore grid connection platform, to be installed in the North Sea, will be operational in 2022.

Oil&Gas Industry Records 1242 Contracts in Q1

Pic: Adnoc

The Oil and Gas industry reported 1242 contracts, of which 1178 were awarded contracts, said Quarterly Oil & Gas Industry Contracts Review.Europe, the Middle East and Africa (EMEA) region recorded the most contracts with 569 contracts, representing around 48% of the total awarded contracts in Q1 2019, followed by Americas region with 366 contracts, accounting for 31% of the total awarded contracts.Upstream sector reported 73% of the total awarded contracts, with 862 contracts.

Proserv Acquires SGC Metering

Photo: Proserv

The  global energy services company has announced the acquisition of SGC Metering from Petrofac.SGC Metering is a specialist in the design and manufacture of flow computer metering systems for the oil and gas industry. It provides expertise right across the full life cycle of a metering project, including conceptual design through to installation, operations and maintenance.The firm was established in 1988 and its wide array…

Petrofac Secures Brunei Contract

Image: Petrofac

Oilfield services provider Petrofac and its partner Serikandi Oilfield and Services Sdn Bhd, have secured a multi-annual Engineering Design Services contract to support Brunei Shell Petroleum (BSP) and Brunei LNG (BLNG) in Brunei.Petrofac and partner Serikandi will provide engineering across all phases of the asset lifecycle for the entire portfolio of onshore and offshore assets for BSP and BLNG. All engineering and design work will be undertaken in Brunei…

Tailwind Energy Hits First Oil From UK North Sea

Image: Tailwind Energy

New UK North Sea-focused oil and gas company Tailwind Energy has announced first oil from the 100% owned Gannet E redevelopment to the Triton FPSO. The London-based contracts services company for North Sea work said in a press note that the subsea tieback project was completed in September 2018 with first oil delivered on budget and on schedule.All three wells are producing higher than expectation providing a combined rate of ca.10kbbl/d…

Sonatrach Awards Gas Contract to Petrofac

Algerian state energy firm Sonatrach awarded a contract worth 60 billion dinars ($506 million) on Tuesday to Britain's Petrofac to boost gas output at the Tinhert field by 4.7 million cubic metre per day, Sonatrach's CEO said.The value was about $100 million less than originally announced.

Petrofac Consortium Awarded USD 4bn Project in Thailand

Left to right: Antonio Carredu, Head of Onshore BD, Commercial and Tendering, Saipem, Sung An Choi, CEO and President, Samsung Engineering, Kuhn Atikom Terbsiri, Chief Executive Officer and President, Thai Oil, Sunder Kalyanam,  Group MD, Petrofac Engineering & Construction Growth. Photo: Petrofac

Petrofac, the international oil and gas services provider, leading a consortium with Saipem  and Samsung Engineering, has received an award notification for Thai Oil Public Company Limited’s (Thai Oil) Clean Fuels Project on the East coast of Thailand.The overall project value is around US$4 billion, of which Petrofac’s share is around US$1.4 billion, and will be completed over a period of approximately four years.The project will transform the existing oil refinery in Sriracha…

Chevron Extends North Sea Contract with Petrofac

(Photo: Petrofac)

Petrofac’s Engineering and Production Services (EPS) division has secured a 12-month engineering services contract extension from Chevron North Sea Limited. The agreement, which has been held by Petrofac since 2014, commenced on September 30.In line with the contract scope, Petrofac will continue with the provision of engineering support to Chevron’s key North Sea assets including the Alba Northern, Erskine, and Captain platforms…

Petrofac Secures Well Engineering Contracts

Photo: Petrofac

Petrofac has strengthened its global Well Engineering contracts portfolio following a series of award wins worth a combined value of around $20 million.Petrofac secured an exclusive five-year Well Operator Services contract from independent Exploration & Production company, Tailwind Energy Ltd (Tailwind), following Tailwind’s recent purchase of the Triton Cluster. Under the terms of this arrangement, Petrofac will act as Well Operator for the Gannet E…

OPITO Appoints Cullens as Director of Strategic Development

Mark Cullens (Photo: OPITO)

OPITO, a global, not-for-profit skills body for the energy industry, has appointed Mark Cullens to the new role of director of strategic development.Cullens, who joins from Petrofac Training Services where he was director of business development Eastern Hemisphere, will support OPITO as it extends its skills and workforce development remit internationally.With a 20 year career in training and education, Cullens will be based…

Petrofac Hires Chief Digital Officer

Fady Sleiman (Photo: Petrofac)

Petrofac has appointed Fady Sleiman Chief Digital Officer as the oilfield services company continues its digital transformation. He will be based in Petrofac’s Middle East office in Sharjah.Fady joins from MENA investment company Waha Capital, where he was Chief Information Officer/Group Head of IT for the Abu Dhabi based company from 2014. Prior to that Fady was CIO and Head of Innovation Centre Strategy for General Electric MEA based in Dubai…

Danos and Petrofac to Form Alliance

Danos and Petrofac, a London-based provider of oilfield services to the international oil and gas industry, have signed an agreement that will enable the formation of a Joint Venture (JV). The alliance will allow for the pursuit of joint opportunities to deliver services across the oil and gas asset life cycle, with a focus on supporting operations and asset management solutions in the Gulf of Mexico and U.S. shale plays.

Saudi Aramco Mulls Bids to Expand Gas Plant

Saudi Aramco has received bids from international engineering firms to expand the Hawiyah gas plant, industry sources said on Wednesday as the state oil giant continues spending to expand its core business. The companies that submitted their proposals on Sunday are: South Korean Samsung Engineering, Spain's Tecnicas Reunidas, Taiwan's CTCI, Italy's Saipem , Britain's Petrofac, India's Larsen & Toubro (L&T). South Korea's…

Petrofac Names External Specialist to Oversee SFO Probe

Oilfield services provider Petrofac on Wednesday appointed Edward Sparrow as an external specialist to oversee an investigation by Britain's Serious Fraud Office announced in May. Sparrow is a partner at the law firm Ashurst LLP, Petrofac said in a statement. The SFO said in May it had begun an investigation into the activities of Petrofac and its subsidiaries in connection with a probe into Monaco-based Unaoil. Petrofac had said in May that it would set up a committee responsible for responding to the investigation…

Petrofac JV Wins $2 Bln Refinery Contract in Oman

Petrofac Ltd said Oman's Duqm Refinery and Petrochemical Industries awarded a $2 billion contract to the British oilfield services company's 50:50 joint venture with Samsung Engineering, sending its shares up as much as 9.5 percent. The 47-month project includes engineering, procurement, construction, training and start-up operations for all utilities at Duqm, the Middle East-focused company said on Friday. The company's high exposure to oil markets in the Middle East has resulted in good backlog coverage for 2017…

European Shares Rise as Earnings Roll In

Supportive crude prices and strong results from energy firms and auto companies helped European shares rise on Wednesday. The pan-European STOXX 600 ended up 0.5 percent, broadly in line with euro zone stocks and blue-chips , as oil and gas shares gained 0.8 percent and autos climbed 0.6 percent. "Indications are more positive on the outlook for energy stocks, especially for the most geared such as oil services," said Angelo Meda, head of equities at Banor SIM in Milan.