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Petrofac Resources Takes Hewett Field Equity

Petrofac LogoPetrofac Resources, the investment division of Petrofac, the oil & gas facilities solution provider, has signed an agreement to acquire Centrica plc's 23.15% equity stake in the Tullow Oil operated Hewett Field Unit area in the UK North Sea.

The Hewett field is located approximately 28 km north-east of the Bacton Gas Terminal and comprises six offshore platform structures as well as subsea facilities. Petrofac took over the management of the Hewett and Bacton facilities in October 2003, through its Operations Services division, when Tullow became the license operator. Its co-venturers are Exxon and ENI.

Petrofac's Resources division invests alongside its clients and partners in selected projects that meet appropriate financial return criteria and which, independently, enhance the wider Petrofac Group's ability to provide services.

Amjad Bseisu, Chief Executive of Petrofac Resources, says "We are excited by this opportunity to invest alongside Tullow and its partners as Petrofac's Operations Services division continues to work hard to improve the production performance of the Hewett field area. The investment reinforces the strong alignment of our financial interests with that of our client and partners".

Rory Edwards, VP for Business Development for Petrofac Resources, says "We anticipate that Petrofac's model of taking an equity position whilst providing services will be attractive to other joint venture operating groups who are looking for an operating partner who can help improve mature assets. Petrofac is well placed to act in this role with its skills in production operations, cost control and brown-field construction."

The acquisition is subject to the approval of the Hewett partners and the UK Department of Trade and Industry.

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Posted 01/09/05


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