Petrofac/Taleveras sign MOU with NPDC

RNS Number : 5014U

Petrofac Limited

03 December 2013

 



Press Release

3 December 2013

PETROFAC LIMITED

PETROFAC AND TALEVERAS SIGN COOPERATION MOU WITH NIGERIAN PETROLEUM DEVELOPMENT COMPANY

Petrofac, the international oil and gas services provider, together with African independent oil and gas company Taleveras Energy Resources Limited ("Taleveras"), announce that they have signed a five year Memorandum of Understanding ("MOU") for cooperation with the Nigerian Petroleum Development Company Ltd ("NPDC"), a wholly owned subsidiary of the Nigerian National Petroleum Company ("NNPC").

The MOU, which is extendable, allows the parties to explore options including funding, technical support, training services, and asset development/management support on a risk service contract, production enhancement or similar contract basis, to support NPDC's aims to further build indigenous capacity and technical capabilities of NPDC & its affiliates. The MOU has been reached as part of the ongoing promotion of the Nigerian Oil and Gas Industry Content Development legislation. 

The parties also announce that, as an initial result of this strategic collaboration, Petrofac has,  together with Taleveras, agreed with NPDC to provide financial, technical, and capacity and capability building support for the further development of NPDC's offshore block OML119 in a risk-based support agreement, whereby reserves and license ownership are retained by NPDC.

Contact:

Alison Flynn

Head of Media Relations

Petrofac                                                                       [phone]

[e-mail]

Tulchan Communications Group LLP                                  [phone]

Martin Robinson

Stephen Malthouse

[e-mail]

Notes to Editors

Petrofac

Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse customer 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). 

Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil and gas assets.

With more than 18,000 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.

For additional information, please refer to the Petrofac website at www.petrofac.com.

NPDC

Nigerian Petroleum Development Company (NPDC) Limited was established in 1988 as a wholly owned subsidiary of the Nigerian National Petroleum Corporation (NNPC) with responsibility for petroleum exploration and production. NPDC activities cover the entire spectrum of the oil and gas Exploration and Production value chain. With an initial asset base comprising 3 assets and production rate of 980 barrels per day in the late 1980s, NPDC has grown its portfolio significantly and now has interest in over 23 assets in onshore, swamp, shallow as well as deep offshore. NPDC's current reserves and production profiles have placed it as the fifth (5^th) largest oil & gas producer in Nigeria with average daily production of about 135,000 barrels of oil per day and 470 million cubic feet of gas per day.

In line with its strategic vision of becoming Nigeria's largest E&P Company with significant global presence, NPDC is currently repositioning itself through building alliances and strategic partnerships to secure critical resources to optimally develop & produce its ever expanding assets and reserves base.

For additional information, please refer to the NPDC website at Http://npdc.nnpcgroup.com

Taleveras Group

Taleveras is a fully integrated energy and infrastructure conglomerate concentrating on oil & gas exploration, production, trading and supply, with further activities in power and construction. Formed in 2004 by consolidating various activities in the oil and gas sector dating as far back as 1998, Taleveras has been built around a vision to play a key role in advancing the integration of African energy markets, while emerging as a globally recognized energy firm.

Taleveras' upstream portfolio also includes 4 exploration assets in Ivory Coast. The company is also one of the largest suppliers of refined products to West Africa, and a major exporter of crude oil and liquefied petroleum gas (LPG), supplying some of the world's largest refineries in Europe, the Americas and Asia. Recently, Taleveras has become a major investor in generation and distribution assets in Nigeria.

Active across the globe, Taleveras' offices are located in London, Geneva, Abuja, Lagos, Abidjan, Cape Town and Dubai. The company is privately owned.

For additional information, please refer to www.taleverasgroup.com.

 

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