Petrofac Strengthens Relationship with PETRONAS
Press Release
13 July 2011
PETROFAC LIMITED
PETROFAC STRENGTHENS RELATIONSHIP WITH PETRONAS
Petrofac, the international oil & gas facilities service provider, announces that it has signed two memoranda of understanding (MOU) with Petroliam Nasional Berhad (PETRONAS) the Malaysian National Oil Company. Later, at an official ceremony that took place today, the Malaysian Prime Minister, the Honourable Dato' Sri Mohd Najib Tun Abdul Razak, and the Rt Hon Dr Vincent Cable MP, the UK's Secretary of State for Business, Innovation and Skills, witnessed the exchange of the MOUs between Dato' Shamsul Azhar Abbas, President and Chief Executive of PETRONAS, and Ayman Asfari, Petrofac's Group Chief Executive.
The first MOU records the undertaking by Petrofac and PETRONAS to accelerate production from Block PM304, offshore Peninsular Malaysia, with a third phase of development. Petrofac owns a 30% equity share and is the Operator of PM304, which includes the Cendor and West Desaru fault blocks. Petrofac intends to accelerate the development of the West Desaru fault block by introducing an Early Production System which will involve both utilising current export facilities and also upgrading and deploying a Mobile Offshore Production Unit which is in the process of being purchased. This approach is expected to bring forward first oil production from West Desaru into the fourth quarter of 2012. The second phase development of the Cendor fault block, also in Block PM304, is expected to start up in the second quarter of 2013, bringing the overall production capacity of Block PM304 to around 60,000 barrels per day.
The second MOU outlines the intention between Petrofac and PETRONAS to collaborate in the area of competency development, capability building and education activities. This will involve a technical training partnership between Petrofac Training Services and Institut Teknologi Petroleum PETRONAS (INSTEP) to develop competency-based training for operations and maintenance personnel, as well as lecture and seminar programmes with the Universiti Teknologi Petroleum (UTP).
Ayman Asfari, Petrofac Group Chief Executive commented: "We have been working with PETRONAS since 2004, when we began the development of PM304 with the Cendor fault block. This is a relationship we value highly and which continues to deepen. We have today entered into two arrangements that will accelerate the development of PM304 and support PETRONAS in their continuous efforts in enhancing Malaysian capability in the oil & gas sector. In combination, we are providing a solution which addresses important strategic targets for PETRONAS and serves to underpin the strength of our Integrated Energy Services offering."
Dato' Shamsul Azhar Abbas, PETRONAS' President and Chief Executive said: "From the early stages of their entry into Malaysia's oil & gas upstream development PETRONAS has viewed Petrofac as one of its strategic partners. This view is reflected by the MOUs we have exchanged today. Going forward, PETRONAS will be able to access and benefit from a broader range of capabilities from across the Petrofac group, building on our existing partnership. We look forward to our continued collaboration with them."
Ends
For further information contact:
Tulchan Communications Group Ltd +44 (0) 20 7353 4200
Andrew Grant
Martin Robinson
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 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 around 14,000 employees, Petrofac operates out of six strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai, Mumbai and Abu Dhabi and a further 21 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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