Petrofac, Taleveras In Support Deal With NNPC

LONDON – Petrofac Ltd Tuesday said it has teamed with Taleveras Energy Resources Ltd in a cooperation deal with the Nigerian National Petroleum Company (NNPC) to develop oil assets in Nigeria.

Under the five-year memorandum of understanding, Petrofac and Taleveras will work together on things like funding, technical support, training and development and management of assets in support of the Nigerian Petroleum Company.

The first project the companies will work together on is the financial, technical and development of Nigerian Petroleum’s OML119 block offshore. The reserves and license ownership will be retained by Nigerian Petroleum.

Petrofac shares were down 2.7% at 1,200 pence Tuesday morning.

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