Petrofac Bags $250M Deal to Support Anasuria
Petrofac has been appointed as duty holder to support Anasuria Operating Company (AOC), a UK joint venture formed between Hibiscus Petroleum and Ping Petroleum.
The arrangement is effective on Friday in line with Ping and Hibiscus taking over as owner and AOC as license operator of the Anasuria cluster.
To remind, the Malaysian duo, Hibiscus and Ping, bought a batch of Shell’s North Sea oil fields, in the Anasuria cluster, in August 2015.
The initial five-year contract, which has additional options to extend, is worth in the region of $250 million and secures 65 jobs, with most of the offshore personnel currently supporting the asset transferring to Petrofac.
The assets acquired by Ping and Hibiscus, named the Anasuria cluster, are located 175km east of Aberdeen and consist of a 100% interest in the Anasuria FPSO, Teal, Teal South, Guillemot A fields and a 38.65% interest in the Cook field. AOC was incorporated by Ping and Hibiscus to act as license operator.
Under this scope, Petrofac will assume full responsibility on behalf of AOC for the FPSO operations as well as for monitoring and managing the pipelines and wells with the exception of the Cook well.
Within this contract, Petrofac noted, the responsibilities for installation operator (including duty holder), pipeline operator and well operator are being combined for the first time within Petrofac’s Service Operator model.
Walter Thain, Managing Director – West, Petrofac Engineering & Production Services said: “We are delighted to have completed a successful and safe transition of operations for Anasuria and to continue to support AOC and help them to make a difference as they take up their first UKCS Operatorship.
“AOC’s acquisition of the Anasuria cluster is really an investment in the future of the North Sea and it is a positive development for our industry during these challenging times. We aim to support AOC as they work to realise their vision for Anasuria to increase production and extend the life of field.”
Mark Paton, Vice President of New Ventures and Production for Hibiscus Petroleum said: “We are new entrants to the North Sea but we have experienced people and we aim to bring a fresh perspective along with our investment, to improve asset returns and extend the field life of Anasuria for the benefit of all stakeholders and employees.”
Phil Oldham, Chief Executive Officer of AOC said: “The combination of all our experienced teams will enable us to leverage our respective capabilities to overcome the challenges associated with mature assets while adhering to North Sea operating standards. By working collaboratively, we will capture the additional potential from the cluster and extend the value from the existing infrastructure.”
Petrofac said the company has been assisting AOC throughout its preparations for the transfer of operatorship as the joint venture worked towards completing the purchase of the cluster from Shell U.K. Limited, Shell EP Offshore Ventures Limited and Esso Exploration and Production UK Limited.
