Petrofac exits Mexico field

MEXICO CITY, August 23, 2017 – Petrofac announced on Tuesday the sale of its 50% stake in Mexico’s Pánuco field to Schlumberger.

The deal, whose value is undisclosed, will see Schlumberger take over Petro-SPM Integrated Services, a joint venture company set up to operate the Pánuco field. Petrofac and Schlumberger established Petro-SPM Integrated Services in March 2013 under a 30-year integrated services contract signed with Pemex.

“We are pleased to conclude this transaction, which is in line with our strategy and simplifies the ownership of the Pánuco field,” Petrofac COO Rob Jewkes said in a statement. “We will continue to focus on the remaining production service contracts in our Mexican portfolio.”

The sale was reportedly finalised on August 15.

“This transaction aligns with our well-established portfolio of production management projects and enables us to move forward with our plans to continue to develop the Pánuco field,” Patrick Schorn, Schlumberger’s executive vice-president of new ventures, added.

The transfer of Petrofac’s interests in Petro-SPM Integrated Services came weeks after the company’s joint venture with Samsung Engineering was awarded a USD 2-billion contract in Oman, and as Petrofrac is seeking to counter bribery allegations related to deals in Kazakhstan as well as a subsequent investigation conducted by the UK’s Serious Fraud Office.