Petrofac has announced that it has completed the migration of the Santuario Production Enhancement Contract (PEC) into an interest in a Production Sharing Contract (PSC).
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.”
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/22122017/petrofac-completes-migration-of-santuario-contract-in-mexico/