PEDL is the subsidiary within Petrofac’s Energy Developments business unit, which holds Petrofac’s UK Continental Shelf assets, including a 27.7% interest in the West Don field, a 60% interest in the Don Southwest field, and a 100% interest in the Elke discovery.
After the demerger, Petrofac will continue to focus on being an international provider of facilities solutions to the oil and gas production and processing industries.
Equally, the Energy Developments business unit will remain a key constituent of Petrofac’s business portfolio, and will continue to hold significant assets including Chergui (Tunisia), Cendor (Malaysia), Ohanet (Algeria), the Krygz Petroleum Company refinery (Krygz Republic) and the Floating Production Facility (FPF1).
Once the demerger has been effected, EnQuest intends to deliver sustainable growth in shareholder value by exploiting the reserves it will hold, commercializing and developing discoveries, converting contingent resources into reserves and pursuing selective acquisitions.
EnQuest believes that the UK Continental Shelf represents a significant hydrocarbon basin in a low risk region. The UK Continental Shelf continues to benefit from an extensive installed infrastructure base and skilled labor to develop, operate and manage assets.
On completion of the Petrofac STA, Amjad Bseisu will step down from his role as chief executive of the Energy Developments business unit and as a director of Petrofac and will become chief executive officer of EnQuest.
Following Mr Bseisu’s departure, Ayman Asfari (group chief executive of the Petrofac group) will, on an interim basis, oversee the Energy Developments and Production Solutions business units, supported by Robert Jewkes, currently managing director of Energy Developments, and Gordon East, currently managing director of Production Solutions.
After the demerger, EnQuest will be an independent oil & gas production and development company whose activities will be focused on the UK Continental Shelf.
Ayman Asfari, chief executive of Petrofac, said: “The creation of EnQuest brings together Petrofac’s UK Continental Shelf assets with those of Lundin and demonstrates Petrofac’s ability to create value for its shareholders. This demerger provides shareholders with an opportunity to retain an investment in a separately listed entity and the ability to participate in its future growth prospects.
“This is the first time we have harvested value from our Energy Developments business, and we will continue to seek value creating opportunities in oil & gas upstream developments and energy infrastructure.”
