19 June 2019
Petrofac and MFDevCo join forces to maximise recovery
Marginal Field Development Company (‘MFDevCo’) is pleased to announce that it has entered into a collaboration agreement with Petrofac for the pursuit of opportunities in the recovery of stranded gas resources.
Under the agreement, the companies will work together to engineer, deliver and operate gas to wire facilities for the redevelopment and recovery of marginal gas fields, supporting UK clients in their pursuit to Maximise Economic Recovery.
Petrofac, through its Engineering and Production Services business, will provide engineering support, and input to feasibility studies and opportunity screening, working with MFDevCo to secure projects that will be developed and delivered using MFDevCo’s gas-to-wire approach, which includes the use of technology supplied by Siemens, as announced on 12th February 2019.
The approach maximises the recovery of stranded gas resources by using gas to generate electrical power on an offshore platform. Turbines installed on the platform convert the gas into electricity that can then be exported to shore in a cheaper and more efficient way than conventional methods; eliminating the expenditure, loss of value and reliance on pipeline networks.
The agreement allows for Petrofac to provide engineering and asset operations services on all gas-to-wire projects identified by MFDevCo, subject to agreeing terms on a case by case basis. It has an initial term of two years but both parties are viewing this as the basis for a long-term collaboration with benefits that will increase as working practices are cemented and efficiencies increased going forward.
Alison Pegram, Managing Director of MFDevCo, commented, “Maximising the economic recovery of gas resources currently considered stranded should be central to the move towards a cleaner energy future and gas to wire offers a means to do this. Petrofac has extensive experience in the operation, maintenance and management of gas production facilities in the UK, so we’re very pleased to be collaborating with the company for our gas-to-wire initiative as our project negotiations intensify. We believe this provides the final element required to allow us to move forward and demonstrates that, as a group, we have the capability necessary to deliver and operate these projects.”
Nick Shorten, Managing Director for Petrofac’s Engineering and Production Services business in the Western Hemisphere, said, “At a time when industry is so firmly focused on extending the life of the UK Continental Shelf, we’re delighted to be working with MFDevCo to offer new and existing clients a solution to get more from their gas reserves. By blending our capabilities and expertise, we believe we can provide cost-effective development solutions to unlock the full potential of marginal gas fields within the basin.”
Marginal Field Development Company
Tel: +44 (0)161 817 8774
Note to Editors:
Marginal Field Delivery Company (formerly ABT Oil and Gas Ltd) (www.mfdevco.com)
Marginal Field Delivery Company (‘MFDevCo’) focuses on maximising recovery from the vast, undeveloped hydrocarbon resources contained within marginal fields worldwide, utilising appropriate re-deployable solutions to transform these undervalued assets. MFDevCo manages the entire lifecycle of marginal field projects from opportunity screening, suitability assessment and financing through engineering to production and decommissioning.
Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse client portfolio including many of the world’s leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac’s range of services meets its clients’ needs across the full life cycle of oil and gas assets.
With around 11,500 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.