Commencement of Production
Petrofac Limited
25 September 2006
PETROFAC LIMITED
("PETROFAC")
COMMENCEMENT OF PRODUCTION
FROM CENDOR FIELD, MALAYSIA
Petrofac, the international oil & gas facilities service provider, is pleased to
announce the commencement of production from the Cendor field in Block PM304
offshore Malaysia. Petrofac Malaysia, a wholly owned subsidiary of Petrofac
Resources, is Operator of the field with Petronas Carigali, Kuwait Foreign
Petroleum Exploration Company (Kufpec) and PetroVietnam Investment Development
Company (PIDC) as its development partners. Petrofac has a 30% interest in the
production sharing contract for the field which is estimated to have proven
reserves of 24.6 million barrels of oil.
Working alongside its partners, Petrofac has developed an innovative solution
for the development of the field, which sees the first mobile offshore
production unit (MOPU) in Malaysian waters connected to a spread moored floating
storage and offloading unit (FSO) via a flexible submarine pipeline. Petrofac is
using its operations services capability to deliver efficient operational
management of the field. Production from the field commenced on 23 September
2006 and has averaged 3,500 barrels of oil per day from one of the expected
seven first phase development wells, five of which have now been drilled. The
wells are being brought on stream selectively to allow testing of the reservoir
over the coming weeks.
Richard Hall, Vice President of Operations and Development for the Resources
division and General Manager of Petrofac Malaysia for the engineering and
development phase, commented: "The commencement of production is a major
achievement based on vision, perseverance and hard work. I am very proud of our
team here in Malaysia and thank them for their dedication and efforts. We have
been able to take the Cendor project from farm-in to full production in less
than two years in a tight market, within budget and ahead of the prescribed
timetable. I would also like to thank our partners for their support,
particularly Petronas Carigali with whom we have worked especially closely."
Amjad Bseisu, Chief Executive of Petrofac's Resources division, said:
"Production start-up from Cendor is a milestone for Petrofac. This extends
Petrofac's business model for developing smaller fields with innovative
solutions to new basins. Production from Cendor also establishes South East Asia
as a new core area for Petrofac and we look forward to the field's further
development phases and to future collaboration with Petronas."
Ayman Asfari, Petrofac's Group Chief Executive, said: "This is a good example of
how our integrated business model creates added value, with our engineering
design capability providing the facilities solution and our operations services
capability assisting with the operational management of the field. This is a
core asset for Petrofac and offers the prospect to grow our South East Asia
business."
Ends
For further information, contact:
Petrofac Limited +44 (0) 20 7811 4900
Ayman Asfari, Group Chief Executive
Keith Roberts, Chief Financial Officer
Robin Caiger, Head of Investor Relations
Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232
Ann-marie Wilkinson
Geoff Callow
Notes to Editors
Petrofac
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, Operations Services 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 centres in
Sharjah, UAE; Aberdeen, Scotland; Mumbai, India; and Woking, England, and has a
further 13 offices worldwide, with approaching 8,000 employees. Petrofac's
business is focused on the UK Continental Shelf (UKCS), the Middle East, North
Africa and the Former Soviet Union (FSU).
For additional information, please refer to the Petrofac website at
www.petrofac.com.
This information is provided by RNS
The company news service from the London Stock Exchange