Since 2011 Integrated Energy Services (IES) has provided an integrated service for clients under flexible commercial models that are aligned with their requirements.
Our projects cover upstream developments - both greenfield and brownfield, related energy infrastructure projects, and can include investment.
IES deploys the Group’s capabilities to meet the individual needs of our clients, using a range of commercial frameworks, including:
Production Enhancement Contracts (PECs)
We earn a tariff per barrel on PECs for an agreed level of baseline production and an enhanced tariff per barrel on incremental production. We continue to work towards migration of our PECs to Production Sharing Contracts in Mexico.
Risk Service Contracts
We develop, operate and maintain a field, while the resource holder retains ownership and control of the reserves. Often we co-invest in the development and are reimbursed based on our performance.
Traditional Equity Upstream Investment models, including Production Sharing Contracts (PSCs) and concession agreements
The Greater Stella Area (GSA) project in the North Sea is an example of an upstream investment. We upgraded and modified a vessel - the FPF1 floating production facility - through our PEPS West business. The FPF1 is now on location on the Stella field having completed onshore commissioning.
Our priority continues to be to manage the IES portfolio to maximise value.