Petrofac is set to build on its provision of digitally enhanced services for BP, following the award of a three-year extension to its existing maintenance contract and a new four-year metering contract, the company said on May 12.
The metering services contract includes on and offshore consulting and support services. Under the agreement, Petrofac will continue to harness digital technology to drive improvements and increase efficiencies for BP.
Under the terms of the maintenance agreement, Petrofac will continue to provide campaign inspection and maintenance services on the operator’s North Sea assets, many of which Petrofac has supported for the last decade.
In 2019, Petrofac worked with BP to prove new execution techniques. Combining use of digital twin technology, connected worker and Petrofac’s proprietary software, BuildME, Petrofac digitalized all forms of campaign maintenance and inspection activity—achieving significant productivity gains compared to industry standards—and continues to work with BP to extend the benefits of this approach to other applications.
“We are proud to build on our long-standing relationship with BP, who have been an early adopter of our digital execution processes. We look forward to building on the gains made through this approach and establishing our metering services provision,” Nick Shorten, managing director, Petrofac engineering and production services, West, said.
Recommended Reading
Northern Oil and Gas Ups Dividend 18%, Updates Hedging
2024-02-09 - Northern Oil and Gas, which recently closed acquisitions in the Utica Shale and Delaware Basin, announced a $0.40 per share dividend.
Viper Energy Announces Pricing of Diamondback’s Secondary Common Stock Offering
2024-03-06 - Viper Energy will not receive any of the gross proceeds from Diamondback’s secondary offering of its Class A common stock.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.
BP Pursues ‘25-by-‘25’ Target to Amp Up LNG Production
2024-02-15 - BP wants to boost its LNG portfolio to 25 mtpa by 2025 under a plan dubbed “25-by-25,” upping its portfolio by 9% compared to 2023, CEO Murray Auchincloss said during the company’s webcast with analysts.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.