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Monday, July 2, 2018
Petrofac agreed to sell its entire 45% interest in Tunisia’s Chergui license to Perenco. The sale is part of Petrofac’s strategy transition back to a capital light business model by divesting non-core assets and follows the recent disposal of the JSD6000 offshore pipelaying vessel project.
All Chergui employees will transfer to Perenco as part of the transaction, which is expected to conclude before the end of the year. Petrofac is expected to book a small gain on the transaction.
CFO Alastair Cochran said: “This transaction demonstrates we are delivering on our clear strategy of focusing on our core and reducing capital intensity.”
The Chergui gas field, located on and around Kerkennah Island, near Sfax, Tunisia, was discovered as part of the West Kerkennah exploration permit granted in the late 1970’s. Petrofac acquired a 45% interest in the Chergui concession in 2006 from ETAP, the Tunisian state oil company, for a cash consideration of approx. $30 million.
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