Petrofac’s Engineering and Production Services business has added to its growing well engineering portfolio with the award of a contract on Feb. 11 from independent exploration and production company, Siccar Point Energy.
The three-year agreement, which includes options to extend, is estimated to be worth up to US$95 million over the term.
The contract includes provision of well operator and well engineering project management services including supply chain management, for Siccar Point’s operated assets West of Shetland. Under these terms, Petrofac will be responsible for all new well work and the ongoing integrity management of existing well stock.
Petrofac will also deploy its industry-leading well project management software, WellAtlas to ensure efficient and assured project delivery.
“This award builds on our existing track record for delivering well operator and project management services for clients across the globe, but specifically West of Shetland, where we have significant exploration, appraisal and development experience,” Nick Shorten, managing director for Petrofac Engineering and Production Services , Western Hemisphere, said.
Los Angeles Mayor Eric Garcetti said Feb. 11 the city is abandoning a plan to spend billions of dollars rebuilding three natural gas power plants along the coast.
For the week ahead, Stratas Advisors expect prices to maintain their momentum and for Brent to average $61/bbl.
For the week ahead, Stratas Advisors expect Brent to average $61.