Petrofac Extends Relationship with NEO Energy to Optimise Life of Field

Source Press Release
Company PetrofacNEO Energy 
Tags Upstream Activities, Service Contracts
Date June 26, 2023

Petrofac, a leading provider of services to the global energy industry, has been awarded an extension to its integrated services contract with NEO Energy.

The life of field extension, worth £250 million, will see Petrofac continue to deliver operations, maintenance, engineering and construction support for  NEO Energy’s UKCS-based floating production storage offtake (FPSO) vessel, Global Producer III (GPIII).

Current forecasts expect the asset to remain fully operational until at least 2026 when it is due for its next reclassification by DNV. In parallel, both NEO Energy and  Petrofac are working hard to further extend field life beyond this date.

Nick Shorten, Chief Operating Officer for Petrofac’s Asset Solutions business, said:

“Our partnership with NEO Energy has seen us collectively overhaul production efficiency, maintenance execution and safe operations. Our proven approach to late life asset transformation, including a robust programme of continuous improvement and deployment of digital tools, has again played out to significantly extend asset life.”

Today's announcement builds on Petrofac's proven track record of supporting NEO Energy since 2020 with operations, maintenance, engineering and construction under our integrated delivery model. This is in addition to Well Management and Well Operator support for 25 wells across four fields in the Central North Sea UK, which was extended for five years in 2022.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd