-Petrofac Limited, an international oil & gas facilities service provider, announced Wednesday that it has signed two memoranda of understanding or MOU with Petroliam Nasional Berhad or PETRONAS, the Malaysian National Oil Company.
MAIN FACTS:
The first MOU records the undertaking by Petrofac and PETRONAS to accelerate production from Block PM304, offshore Peninsular Malaysia, with a third phase of development.
Petrofac owns a 30% equity share and is the Operator of PM304, which includes the Cendor and West Desaru fault blocks.
Petrofac intends to accelerate the development of the West Desaru fault block by introducing an Early Production System which will involve both utilizing current export facilities and also upgrading and deploying a Mobile Offshore Production Unit which is in the process of being purchased.
This approach is expected to bring forward first oil production from West Desaru into the fourth quarter of 2012.
The second phase development of the Cendor fault block, also in Block PM304, is expected to start up in the second quarter of 2013, bringing the overall production capacity of Block PM304 to around 60,000 barrels per day.
The second MOU outlines the intention between Petrofac and PETRONAS to collaborate in the area of competency development, capability building and education activities.
This will involve a technical training partnership between Petrofac Training Services and Institut Teknologi Petroleum PETRONAS or INSTEP to develop competency-based training for operations and maintenance personnel, as well as lecture and seminar programs with the Universiti Teknologi Petroleum.
Shares at 0955 GMT up 17.0 pence, or 1.1%, at 1503.0 pence.
