Petrofac Acquires CO2 Storage
Press Release
27 April 2010
PETROFAC LIMITED
PETROFAC ACQUIRES CO2 STORAGE BUSINESS
Petrofac, the international oil & gas facilities service provider, confirms that it has acquired CO2DeepStore Limited (CO2DeepStore) a UK-based CO2 storage company.
Established in 2007 in Aberdeen, Scotland CO2DeepStore is focussed on the CO2 geological storage sector of the carbon capture and storage (CCS) market. The executive management team of the business will join Petrofac as part of the agreement.
CCS is a rapidly developing sector and involves the capture of CO2 from major emissions sources such as coal and gas fired power generation facilities, LNG and gas processing plants. The resulting CO2 is safely transported and permanently stored deep underground in depleted gas reservoirs or saline aquifers.
As part of the Petrofac group, CO2DeepStore will accelerate its plans for growth and development, while the acquisition represents Petrofac's first step into the low carbon energy sector. There are many synergies between the CO2 transport and storage business and Petrofac's Offshore Engineering & Operations and Energy Developments businesses. The combination of the two organisations establishes a leading development capability for CO2 storage projects, providing a complete storage service for power generators and other CO2 emitters.
Ends
For further information contact:
Tulchan Communications Group Ltd +44 (0) 20 7353 4200
James Bradley
David Allchurch
petrofac@tulchangroup.com
Notes to Editors
Petrofac
Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.
The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Energy Developments.
Through these businesses Petrofac designs and builds oil & 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 & gas assets.
With more than 11,500 employees, Petrofac operates out of five strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai and Mumbai and a further 19 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.
For additional information, please refer to the Petrofac website at www.petrofac.com.
This information is provided by RNS
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