Petrofac, the international oil and gas services provider, together with African independent oil and gas company Taleveras Energy Resources Limited (“Taleveras”), said Tuesday they have signed a five year Memorandum of Understanding (“MOU”) for cooperation with the Nigerian Petroleum Development Company Ltd (“NPDC”).
NPDC is a wholly owned subsidiary of the Nigerian National Petroleum Company.
The MOU, which is extendable, allows the parties to explore options including funding, technical support, training services, and asset development/management support on a risk service contract, production enhancement or similar contract basis, to support NPDC’s aims to further build indigenous capacity and technical capabilities of NPDC & its affiliates.
Petrofac is quoted on the London Stock Exchange (symbol: PFC.L) and is a constituent of the FTSE 100 Index. It has 18,000 employees in 31 offices and centers worldwide
The parties also announce that, as an initial result of this strategic collaboration, Petrofac has, together with Taleveras, agreed with NPDC to provide financial, technical, and capacity and capability building support for the further development of NPDC’s offshore block OML119 in a risk-based support agreement, whereby reserves and license ownership are retained by NPDC.
The MOU is part of the ongoing promotion of the Nigerian Oil and Gas Industry Content Development legislation, Petrofac said Tuesday.