Main Menu

Culmination of two years effort

$250m ‘investment in future’ for Petrofac

Walter ThainOil services company Petrofac has won a $250 million contract which production director Walter Thain describes as “an investment in the future” of the North Sea.

The firm will act as “Duty Holder” to support Anasuria Operating Company, a UK joint venture formed between Hibiscus Petroleum Berhad and Ping Petroleum.

The arrangement is effective today in line with Ping and Hibiscus taking over as owner and AOC as licence operator of the Anasuria cluster.

The initial five-year contract, which has additional options to extend secures 65 jobs, with most of the offshore personnel currently supporting the asset transferring to Petrofac.

The assets acquired by Ping and Hibiscus, named the Anasuria cluster, are located 175km east of Aberdeen and consist of a 100% interest in the Anasuria FPSO, Teal, Teal South, Guillemot A fields and a 38.65% interest in the Cook field. AOC was incorporated by Ping and Hibiscus to act as licence operator. 

Mr Thain (pictured), managing director – west, Petrofac Engineering & Production Services , said: “AOC’s acquisition of the Anasuria cluster is really an investment in the future of the North Sea and it is a positive development for our industry during these challenging times.

“We aim to support AOC as they work to realise their vision for Anasuria to increase production and extend the life of field. We will apply our Duty Holder expertise in the safe delivery of an innovative operating model, designed to eliminate waste and maximise efficiency.”

Mark Paton, vice president of new ventures and production for Hibiscus Petroleum, said:  “Today’s milestone is the culmination of two years’ of collective effort and we are proud of the work that has been undertaken by everyone concerned to attain a safe transfer of operations. 

“We are new entrants to the North Sea but we have experienced people and we aim to bring a fresh perspective along with our investment, to improve asset returns and extend the field life of Anasuria for the benefit of all stakeholders and employees.” 

Phil Oldham, chief executive, AOC said: “The combination of all our experienced teams will enable us to leverage our respective capabilities to overcome the challenges associated with mature assets while adhering to North Sea operating standards.  By working collaboratively, we will capture the additional potential from the cluster and extend the value from the existing infrastructure. We are fully committed to achieving safe and efficient operations.”

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.