New development partnership with Petronas-Carigali

Petrofac Resources, the investment arm of the Petrofac Group, has acquired the  Amerada Hess subsidiary which operates and owns an interest in the Cendor field  offshore Peninsular Malaysia in Block PM304.

The Cendor field is located in the northeast corner of Block PM304 in about 70 metres of water with principal producing horizons in the H Group of Middle  Miocene sands. Base reserves are estimated to be 20 million barrels of oil with significant upside potential.

The field will be developed in two phases by a joint operating team with Carigali  (the  Operating  Company of  PetroNas), providing support for the subsurface aspects of development & Petrofac specializing in facilities & other infrastructure. Other field partners are Kuwait Foreign Petroleum Exploration Company (KUFPEC) and PetroVietnam Investment Development Company (PIDC).

Rory Edwards, Vice-President of Business Development and Richard Hall, VicePresident, Operations and Development, will continue to lead the project after  completion. Commenting on the development, Richard Hall said: “Cendor Phase 1 is a proven undeveloped field that gives us a great opportunity to  export and build on the skills and experience of Petrofac Facilities Management  and Petrofac Engineering in conjunction with Carigali.”

Amjad Bseisu, Chief Executive of Petrofac Resources, said: “We are looking forward to working with PETRONAS Carigali on this development.   Malaysia has great potential for small field development and operations and is  therefore an ideal country to deploy Petrofac’s expertise.”

First oil from the field is scheduled for late 2006 / early 2007.