Petrofac forms strategic alliance with Bowleven for offshore Cameroon projects

11/7/2012

Petrofac forms strategic alliance with Bowleven for offshore Cameroon projects

LONDON -- Petrofac and Bowleven, the Africa focused oil and gas company, have agreed a strategic alliance to support the proposed development of the Etinde Permit, offshore Cameroon.

Under the terms of the strategic alliance, Petrofac will provide engineering capability to Euroil, Bowleven’s Cameroonian subsidiary, to support the delivery of a Field Development Plan for the proposed first phase of the development, pending satisfactory completion of Euroil’s appraisal of its asset. Prior to approval of the Field Development Plan, Petrofac will be remunerated by Euroil for the provision of its service capability.

Petrofac will subsequently execute the planned development through the provision of project management, engineering, procurement and construction services, and will invest up to $500 million as part of Bowleven’s financial commitment to develop the asset. Petrofac’s investment would be remunerated through a share of Bowleven’s production revenue.

Andy Inglis, Petrofac Integrated Energy Services CEO, formerly with BP, said: “We are delighted to be working with Bowleven to help them unlock the value of their Etinde Permit. Creating this strategic alliance at an early stage of the project offers Petrofac the opportunity to provide integrated services.”

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