Petrofac, a prominent provider of services to the global energy industry, has secured a technical services contract from Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol), the National Oil Company of Equatorial Guinea. This contract is designated to support the operation of the region’s Block B asset.

Valued at approximately US$350 million over five years, the contract entails Petrofac delivering technical services across onshore support bases, an FPSO, and a platform on behalf of GEPetrol, the operator. Drawing on Asset Solutions’ core services, Petrofac will provide operations, maintenance, asset integrity, integrity management, marine services, well engineering, project delivery, and supply chain services.

This contract follows Petrofac’s initial scope, supporting the transition of the asset from Mobil Equatorial Guinea Inc. Petrofac aims to retain local capability, staff, and contractors previously in place, ensuring the continuity of valuable expertise and knowledge. The management of the contract will be conducted from Malabo, with additional support from Petrofac’s technical hub in Aberdeen, UK, leveraging its extensive Duty Holder expertise.

Nick Shorten, chief operating officer of Petrofac’s Asset Solutions business, expressed anticipation for deepening the relationship with GEPetrol. He highlighted Petrofac’s strategy of selectively expanding its geographic footprint and driving value for clients through late life asset optimisation.

Antonio Oburu Ondo, Equatorial Guinea’s minister of mines and hydrocarbons, emphasised the nation’s vision of creating a fully capable, nationally-operated oil and gas company to manage assets, which is now becoming a reality through diverse partnerships and investments in the people. He underscored the collaboration between indigenous capabilities and Petrofac’s global expertise to deliver significant value for the country.

Teresa Isabel Nnang Avomo, director general of GEPetrol, hailed the contract signing as a pivotal moment in their journey towards becoming operators of Block B. She expressed excitement about growing the partnership with Petrofac and leveraging the potential of the indigenous national workforce, with Petrofac’s assistance, to build an organisation for the long-term management and development of the country’s oil and gas assets.

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19th April 2024