Petrofac Limited (LON:PFC) confirmed that it has now completed the switch of the Santuario Production Enhancement Contract in Mexico into a stake in a Production Sharing Contract.
As a result, the company will have 36% equity in the project.
READ: Petrofac shares higher on North Sea sale speculation
"We are pleased to have successfully concluded the migration of the first of our production enhancement contracts,” said Rob Jewkes, chief operating officer for Petrofac Integrated Energy Services.
“We are committed to unlocking value in the block through a new field development plan in conjunction with our partner PEMEX."