PROMETHEAN DECOMMISSIONING ALLIANCE WITH PETROFAC BEGINS DECOMMISSIONING OPERATIONS IN THE GULF OF MEXICO

HOUSTON, May 10, 2022 /PRNewswire/ -- Promethean Decommissioning Company (PDC), a pure-play Decommissioning Operator, and Petrofac, a leading provider of services to the global energy industry, have formed an Alliance to decommission the South Pass 60, South Pass 6 and East Breaks 165 fields, offshore Gulf of Mexico. 

This work is in accordance with the Decommissioning Orders issued by the U.S. Department of the Interior's Bureau of Safety and Environmental Enforcement (BSEE) in February 2022, following the termination of Fieldwood Energy's leases. 

The legacy offshore fields and assets include nine platforms, 200 wells and 32 pipeline segments, with a BSEE estimated decommissioning cost of approximately US$200 million over a multi-year campaign.

PDC's mission is to deliver safe and efficient decommissioning operations. As Operator, PDC brings a lean, integrated, best practices and technology-driven business model which minimizes GHG emissions / intensity and the environmental footprint of operations.

PDC is led by industry experienced specialists with a strong track record in safety and in environmental, regulatory, operational, and compliance management.

PDC has appointed Petrofac as the Decommissioning Services Provider. Petrofac will use its proven decommissioning program management systems, tools, and processes, deployed by a local team, who together have plugged and abandoned more than 600 wells and decommissioned over 100 facilities.

The Alliance has selected Danos, a leading Gulf of Mexico offshore services provider for over 75 years, to support field operations and the decommissioning program. With nearly 2,500 employees, Danos has a proven history of operational excellence and safe operations. 

The project will be led by an integrated team based in the Promethean and Petrofac West Houston office and using the latest digital software to deliver the decommissioning project with comprehensive dashboards, full transparency and delivery assurance.

Aditya Singh, Founder and CEO, Promethean Energy Corporation, said: "Promethean is an oil & gas operator with an integrated approach to the development, production, and decommissioning of mature resources. We are pleased to offer our new outsourced 'Decommissioning Operator' service to the industry and to commence activity on this major decommissioning project. We are fully aligned with all our stakeholders to improve environmental performance through the safe and efficient decommissioning of end-of-life assets. We accomplish this with a dedicated, fit-for-purpose entity, PDC, via an integrated operating service model and focused program management. I am particularly pleased that the PDC and Petrofac Alliance has been selected, leveraging the complementary strengths of both companies."

Nick Shorten, Chief Operating Officer for Petrofac's Asset Solutions business, said: "This significant contract recognizes our industry-leading decommissioning program management experience and our unique in-house capability to manage all well and asset decommissioning phases. It's been more than four decades since Petrofac first began in Texas and in that time we have expanded our offshore capabilities across the globe. This expertise will be applied to the project, complementing our already strong onshore presence in the Permian. We look forward to working with PDC in this Alliance to deliver a new approach to large-scale decommissioning programs in the Gulf of Mexico."

For further information contact:

Nick Welch
Director of Communications and Stakeholder Engagement, Promethean Decommissioning Company 
[email protected] 
+1 202 255 7464

NOTES TO EDITORS

Promethean Energy Corporation

Promethean is a purpose-driven oil & gas operator with an integrated approach to the development, production, and decommissioning of mature resources in the Gulf of Mexico and beyond. Promethean Decommissioning Company is a fully-owned subsidiary of Promethean Energy Corporation.

Collaborative and experienced, Promethean has the expertise to accurately interpret data, identify opportunities, and deploy cutting edge practices and proven technologies to develop, produce, and decommission oil & gas fields. This is supported by the core pillars of the Promethean strategy: focus on economic and environmental outcomes, the integration of data, technology and interdisciplinary teams, the implementation of equally innovative financial and contractual models, and integrated risk management.

As a forward-thinking company in an evolving industry, Promethean contributes to an orderly energy transition, strengthens energy security and improves environmental performance by embracing sustainable and responsible protocols throughout operations, including real-time production management and control, elimination of flaring and methane emissions, decarbonization of operations, and environmentally-sensitive repurposing of decommissioned assets for the reduction of its environmental footprint.

For additional information, please refer to the Promethean website at www.promethean-energy.com.

Petrofac

Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world's leading energy companies.

Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world's evolving energy needs.

Petrofac's core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, South East Asia and the United States. We have 8,500 employees based across 31 offices globally.

Petrofac is quoted on the London Stock Exchange (symbol: PFC).

For additional information, please refer to the Petrofac website at www.petrofac.com.

Danos

Founded in 1947, Danos is a family-owned and managed energy service provider. This year, the company celebrates 75 years in business. A trusted industry partner, Danos offers the most responsive end-to-end integrated service solutions – safe, on time and on budget. Danos achieves world-class safety results and customer loyalty due to a values-based approach and an unyielding commitment to employee engagement and training.

Learn more at Danos.com.

SOURCE Promethean Decommissioning Company, LLC

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