Petrofac has secured a $350 million Technical Services Contract with Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol), the National Oil Company of Equatorial Guinea, to support the operation of the region’s Block B asset.
The five years contract entails delivering technical services across onshore support bases, an FPSO, and a platform on behalf of GEPetrol.
The contract also 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 Inc (MEGI).
“Valuing local capability, staff and contractors that were previously in place will continue in various roles, retaining valuable expertise and knowledge of the assets,” the company stating in a press release on Thursday.
Besides, Petrofac will manage the contract from Malabo, supplementing support from its technical hub in Aberdeen, UK, leveraging its Duty Holder expertise.
Nick Shorten, Petrofac’s Chief Operating Officer of Asset Solutions, highlighted the company’s commitment to cooperating with GEPetrol to extend the life of the field, fostering 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 optimization,” said Shorten.
“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,” he added.
For his part, 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,”
“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,” Ondo added.
Moreover, Teresa Isabel Nnang Avomo, Director General of GEPetrol, emphasized the significance of the contract in their journey towards becoming the Operator of Block B,
“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 organization for the long-term management and development of our country’s oil and gas assets,” said Isabel.