The national oil company (NOC) of Equatorial Guinea, Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol), has reached a technical services contract with Petrofac regarding operations on Block B asset
Amounting to around US$350mn, the five-year contract includes services for onshore support bases, an FPSO and a platform on behalf of GEPetrol, who is the operator.
The contract defines Asset Solutions’ core services, including operations, maintenance, asset integrity, integrity management, marine services, well engineering, project delivery and supply chain services.
Previously held by the Mobil Equatorial Guinea Inc (MEGI), Petrofac retains local staff and contractors associated with the project from the start as indegenous expertise and knowledge of the assets is irreplacable. The country has in place clear regulation and maintains regular engagement with both local and international energy companies to strengthen local content and drive capacity building and opportunity.
The contract will see implementation from Malabo, sharing its extensive Duty Holder expertise.
Africa key focus for business
Nick Shorten, chief operating officer of Petrofac’s Asset Solutions business commented, “We look forward to developing our relationship with GEPetrol 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 and Hydrocarbons added, “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.”
Teresa Isabel Nnang Avomo, director general of GEPetrol commented, “Today’s contract signing marks a key milestone in our journey to becoming Operator of Block B on 1 June 2024.
“We are excited to grow our partnership with Petrofac. By unlocking the huge potential of our indigenous national workforce, we will build with Petrofac’s assistance, an organisation for the long-term management and development of our country’s oil and gas assets.”
