Petrofac building Bowleven Cameroon FEED team

摘要

Petrofac is working with Bowleven to build a team to start the FEED on the operator's Etinde development off Cameroon. The pair signed a deal last year whereby Petrofac will provide engineering to support the submission of a field development plan (FDP) for the shallow water project, depending on the success of an appraisal well. Petrofac will also provide up to US $500m investment when certain targets are met. Petrofac will be remunerated for services but, following approval of an FDP, Petrofac's investment would be repaid via a series of royalty payments from cash flow equating to a rate of return of around 20%.