Petrofac Completes Acquistion of Stake in North Sea Block
Petrofac has completed the acquisition of a 40 percent interest in part of Block 211/18a in the UK North Sea containing a significant part of the undeveloped West Don field. Petrofac Resources has acquired the interest alongside FirstOil and Valiant Petroleum, each with a 30 percent interest, from BP and ConocoPhillips.
Petrofac Resources has also been awarded a 50 percent interest in the adjoining Block 211/18c in the 23rd Round. Valiant Petroleum holds the remaining 50 percent.
Petrofac Resources, as operator on behalf of FirstOil and Valiant Petroleum, will look to draw on the expertise of its Engineering & Construction and Operations Services Divisions with a view to developing the field, including the possibility of operating as a satellite to the Thistle platform (to which Petrofac's Operations Services Division provides turnkey facilities management services).
Amjad Bseisu, Chief Executive of Petrofac Resources, commented:
'This is a good example of where we can effectively deploy investment through our Resources division to the benefit of the wider group. The West Don area adds an exciting new prospect to our investment portfolio and we look forward to working with FirstOil and Valiant to fully maximise its potential.'
Petrofac is a leading international provider of facilities solutions to the oil and gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 250 Index.
Through its three divisions, Engineering & Construction (E&C), Operations Services (OS) and Resources, Petrofac designs and builds oil and gas facilities; operates, maintains or manages facilities and trains personnel; and, where return criteria are met and service revenue synergies identified, co-invests with clients and partners. Petrofac's range of services allows it to help meet its clients' needs across the life cycle of oil and gas assets.
Petrofac operates out of four strategically placed international centers in Aberdeen, Scotland; Sharjah, UAE; Mumbai, India; and Woking, England, and has a further 13 offices worldwide, with approximately 7,000 employees.
Petrofac's business is focused on the UK Continental Shelf (UKCS), the Middle
East, Africa and the Former Soviet Union (FSU). Through both organic growth and
strategic acquisition, Petrofac's engineering, procurement and construction
activities have been complemented with development planning and early stage
engineering services, facilities management and training services and
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