Petrofac Ltd. (PFC.L, POFCY.PK, POFCF.PK) said the company and Bowleven, the Africa-focused oil and gas company, have agreed a strategic alliance to support the proposed development of the Etinde Permit, offshore Cameroon.
As per the terms of the strategic alliance, which is subject to Bowleven shareholder approval, Petrofac will provide engineering capability to Euroil, Bowleven's Cameroonian subsidiary, to support the delivery of a Field Development Plan, or FDP, for the proposed first phase of the development, pending satisfactory completion of Euroil's appraisal of its asset. Prior to approval of the FDP, Petrofac will be remunerated by Euroil for the provision of its service capability.
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