Petro­fac Com­pletes Mi­gra­tion of San­tu­ario Con­tract in Mex­ico

Oil and Gas - - REGIONAL NEWS -

Petro­fac com­pleted the mi­gra­tion of the San­tu­ario Pro­duc­tion En­hance­ment Con­tract (PEC) into an in­ter­est in a Pro­duc­tion Shar­ing Con­tract (PSC)2. Ef­fec­tive from 18 De­cem­ber 2017, Petro­fac will own a 36% eq­uity in­ter­est in the PSC, with PEMEX Ex­plo­ration & Pro­duc­tion Mex­ico (PEMEX) hav­ing a 64% in­ter­est. The PSC will run for 25 years, with two op­tional five-year ex­ten­sions. Petro­fac will be Op­er­a­tor of the block and will carry PEMEX’s share of cash calls for the first year.

Rob Jewkes, Chief Op­er­at­ing Of­fi­cer, In­te­grated En­ergy Ser­vices, com­mented: “We are pleased to have suc­cess­fully con­cluded the mi­gra­tion of the first of our Pro­duc­tion En­hance­ment Con­tracts. We are com­mit­ted to un­lock­ing value in the block through a new field de­vel­op­ment plan in con­junc­tion with our part­ner PEMEX.”

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