Petrofac Ltd (LON: PFC) ‘s share price surged 14% after it secured an operations agreement with Turkemengas for the Galkynysh Gas Field in Turkmenistan. The deal spans three years and is worth over $200 million and encompasses several key services.
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The services include supplying staff to oversee operations and maintenance activities, offering technical and procurement assistance, and creating and applying management systems to optimise the functioning of the Galkynysh Gas Field’s Central Processing Facilities 1 and 1A.
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The contract does not necessitate the provision of any performance guarantees. The Galkynysh Gas Field project, undertaken for the state-owned Turkemengas, represents one of the most significant projects executed by Petrofac’s Engineering & Construction division.
The project, which commenced in 2009 and concluded in 2013, was instrumental in developing the world’s second-largest gas field. This historical context underscores the depth of Petrofac’s expertise and its capacity to deliver projects of monumental scale and complexity.
Located near Yoloten in the Mary Province of Turkmenistan, the facilities that Petrofac will now be supporting are of strategic importance. They have a combined capacity of 10 billion cubic meters annually (BCMA), which will double to 20 BCMA for the export pipeline.
The facilities are crucial for Turkmenistan’s economic revenue and are vital in ensuring the country’s domestic energy supply. This aspect of the project highlights the broader implications of Petrofac’s work, which has contributed significantly to national energy security and economic stability.
Nick Shorten, the Chief Operating Officer of Petrofac’s Asset Solutions division, commented: “Petrofac has a proud history of working with Turkemengas. The expansion of our relationship is a testament to our track record of delivering value to customers’ operations. Securing this contract further demonstrates our strategy to expand Asset Solutions’ geographic reach. We look forward to continued collaboration with Turkemengas, enhancing safe and reliable operations.”
In conclusion, Petrofac’s renewed engagement with Turkemengas through this operational contract solidifies its position as a leader in the energy services industry. It illustrates its commitment to fostering sustainable and productive relationships with key stakeholders in the energy sector.
Petrofac share price.
The Petrofac share price surged 14% to trade at 26.79p from Thursday’s closing price of 23.50p.
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