(Alliance News) - Petrofac Ltd on Thursday was awarded a technical services contract with the national oil company of Equatorial Guinea, helping local staff to manage their oil and gas assets.

The energy infrastructure company with core markets in the Middle East and North Africa won a five-year USD350 million contract with Compania Nacional de Petroleos de Guinea Ecuatorial, or GEPetrol, to deliver technical services to the operation of Equatorial Guinea's regional Block B asset.

The contract draws on Petrofac services such as operations, maintenance, asset integrity, integrity management, marine services, well engineering, project delivery and supply chain services.

Petrofac will deliver technical services across onshore support bases, a floating production storage & offloading unit and a platform on behalf of operator GEPetrol.

This follows the company's initial scope supporting the transition of the asset from Mobil Equatorial Guinea Inc. Local staff and contractors will remain in their current roles and Petrofac will manage the contract from Malabo, the capital of Equatorial Guinea, supplementing support from its technical hub in Aberdeen, Scotland.

Nick Shorten, chief operating officer of Petrofac's Asset Solutions business, said: "We look forward to developing our relationship with the national oil company of Equatorial Guinea further, collaborating to extend the life of the field to build a legacy of energy independence and sustainable growth for Equatorial Guinea.

"This award is an excellent example of our strategy in action: selectively growing our geographic footprint and driving value for our clients through late life asset optimisation.

"Africa is a key focus for our Asset Solutions business, and we are pleased to build on our operations in Ivory Coast, Ghana and Senegal and Mauritania with this opportunity in Equatorial Guinea."

Antonio Oburu Ondo, Equatorial Guinea's minister of Mines & Hydrocarbons, said: "Our vision is to create a fully capable nationally-operated oil and gas company to manage our assets. Today, I am proud that our vision is becoming a reality.

"We will grow our economy through diverse partnerships and investment in our people. Combining our strong indigenous capabilities, with Petrofac's global expertise and experience, we will deliver significant value for our country."

Petrofac shares were up 0.9% to 22.80 each in London on Thursday morning.

By Emily Parsons, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.