Petrofac has sold its 50 per cent interest in Petro-SPM Integrated Services to Schlumberger who now owns 100 per cent of Petro-SPM, which operates the Pánuco field in Mexico.
Pánuco is the oldest field in Mexico, having been discovered in 1904, with estimated 6.8 billion of oil initially in place
This deal was completed on August 15 and Schlumberger said in a statmenet that the total potential consideration is in line with the net book value of Petrofac’s interest and comprises cash on completion and deferred consideration.
Rob Jewkes, chief operating officer, Petrofac Integrated Energy Services, commented: “We are pleased to conclude this transaction, which is in line with our strategy and simplifies the ownership of the Pánuco field. We will continue to focus on the remaining production service contracts in our Mexican portfolio.”
“We consider Mexico’s Energy Reform as a significant step in the evolution of the country’s oil and gas industry, and we are optimistic in regard to the various business opportunities created under the new reforms. 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,” said Patrick Schorn, Executive Vice President, New Ventures, Schlumberger.