Petrofac to sell Mexico oil fields, seeks upstream exit


Petrofac to sell Mexico oil fields, seeks upstream exit

Oilfield services provider Petrofac Ltd has hired investment banks Barclays and HSBC to help with the sale of its oil fields in Mexico, as it prepares to scale back its oil and gas production operations, several banking sources said.

Petrofac, which designs, builds, operates and maintains oil and gas facilities, expanded into oil and gas production projects during the oil price boom earlier this decade.

The strategy didn’t last and last year the company warned that the integrated energy services (IES) division would have lower than expected profits, hit by weaker oil prices, lower capital investment by clients in Mexico, and a delayed entry into the Greater Stella Area in the North Sea. Read More

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