Petrofac wins $20 million worth of well engineering contracts
- Business & Finance
UK oilfield services provider Petrofac has won a series of well engineering contracts worth a combined value of around $20 million.
Petrofac said on Thursday that it secured an exclusive five-year well operator services contract from independent exploration and production company Tailwind Energy, following Tailwind’s recent purchase of the Triton Cluster.
Tailwind completed the acquisition of interests in the Triton Cluster in the UK North Sea from Shell and ExxonMobil earlier this month. The Triton Cluster, located in the UK Central North Sea 190km east of Aberdeen, was initially brought into production in 2000 and consists of six producing oil fields developed via common infrastructure in the UK Central North Sea.
Under the terms of this arrangement, Petrofac will act as the well operator for the Gannet E, Belinda, and Evelyn license areas in the Central North Sea.
It is worth noting that Tailwind also acquired EOG Resources’ UK business only days following the Triton buy. Tailwind will own and operate 100% of the producing Conwy oil field, a 25% non-operated interest in the Columbus gas development project and other minor asset interests in the North Sea.
Petrofac added in its Thursday announcement that it was also awarded discreet well engineering scopes by two ‘major’ international oil companies (IOCs) and three national oil companies (NOCs) for projects in Iraq, Turkey, and New Zealand.
Alex Macdonald, managing director of well engineering at Petrofac Engineering and Production Services, said: “We’re delighted to be expanding our global service delivery as we continue to support IOCs, NOCs, and new entrant operators with outsourced well engineering services.”