Petrofac has received two integrated services contracts from Petroleos Mexicanos (PEMEX) to develop the Magallanes and Santuario blocks in Tabasco, central Mexico.
Under a 25-year contract, Petrofac will provide a solution to increase production through the reactivation and development of both blocks and manage their ongoing operations and maintenance.
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Petrofac will invest $500m for a 90% interest in the contract to develop the blocks, and the remaining 10% will be retained by PEMEX.
Petrofac will reimburse 75% of its development expenditure through a cost recovery mechanism and will receive a tariff for each barrel of incremental production.
The blocks each comprise two mature onshore fields, and together have 1,000 wells, of which 100 produce 14,000 barrels of oil per day.
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By GlobalData
