Petrofac

Last updated
Petrofac Limited
Company type Public limited company
LSE:  PFC
IndustryEngineering, Procurement & Construction, Oil & Gas
Founded1981
Headquarters London, United Kingdom
Key people
René Médori, Chairman
Tareq Kawash, Group Chief Executive
Afonso Reis e Sousa, Chief Financial Officer
Products Petrochemicals
RevenueDecrease2.svg US$2,591 million (2022) [1]
Decrease2.svg US$(210) million (2022) [1]
Decrease2.svg US$(337) million (2022) [1]
Number of employees
7,950 (2023) [2]
Website www.petrofac.com

Petrofac Limited is an international energy services company that designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure, and trains the people who support them. It operates in a range of markets from design to decommissioning. It is registered in Jersey (number 81792), with its main corporate office on Jermyn Street, London. It has 7,950 employees across more than 30 offices globally. [3] The company is listed on the London Stock Exchange.

Contents

History

The company was established as a producer of a modular plant in Tyler, Texas, United States in 1981. [2] It was first listed on the London Stock Exchange in 2005. [2] In 2010, it bought a 20 percent share in the Gateway storage scheme, an undersea cavern for gas storage. [4] In November 2013, Petrofac and the Italian oil firm Bonatti partnered on a $650 million joint venture with Sonatrach to develop new separation and booster compression facilities, extending the life of the Alrar gas field in south-east Algeria. [5] In November 2014, the company issued a profit warning, saying that profit for 2015 would fall by 25%, as slowing demand in China and abundant US output cut the oil price. [6]

In January 2021, a former Global Head of Sales at Petrofac Ltd., which serves the British energy industry, pleaded guilty to charges related to bribery. The UK Serious Fraud Office confirmed that David Lufkin offered and paid around $30 million to win United Arab Emirates contracts worth $3.3 billion for Petrofac between 2012 and 2018. The guilty plea included 11 other charges of bribery, where Lufkin made corrupt offers to influence contract awards of more than $3.5 billion in Saudi Arabia, and over $730 million in Iraq. [7] In October 2021 Petrofac was fined £77m for seven charges of failing to prevent bribery in the Middle East. [8]

In April 2024, the company announced that its financial results would be delayed to the end of May 2024, because of ongoing financing discussions, and in the meantime, its shares would be suspended. [9] [10]

Services

Petrofac is organised into three divisions: [11]

Related Research Articles

<span class="mw-page-title-main">ABB</span> Swedish–Swiss multinational robotics and electrical equipment company

ABB Ltd. is a Swedish–Swiss multinational corporation headquartered in Västerås, Sweden, and Zürich, Switzerland. It is traded on the SIX Swiss Exchange in Zürich, the Nasdaq Nordic exchange in Sweden and the OTC Markets Group's pink sheets in the United States. It was ranked 340th in the Fortune Global 500 list of 2020 and has been a global Fortune 500 company for 24 years.

Halliburton Company is an American multinational corporation and the world's second largest oil service company which is responsible for most of the world's largest fracking operations. It employs approximately 55,000 people through its hundreds of subsidiaries, affiliates, branches, brands, and divisions in more than 70 countries. The company, though incorporated in the United States, has dual headquarters located in Houston and in Dubai.

<span class="mw-page-title-main">ADM (company)</span> American food processing and commodities trading corporation

The Archer-Daniels-Midland Company, commonly known as ADM, is an American multinational food processing and commodities trading corporation founded in 1902 and headquartered in Chicago, Illinois. The company operates more than 270 plants and 420 crop procurement facilities worldwide, where cereal grains and oilseeds are processed into products used in food, beverage, nutraceutical, industrial, and animal feed markets worldwide.

<span class="mw-page-title-main">TotalEnergies</span> French multinational energy and petroleum company

TotalEnergies SE is a French multinational integrated energy and petroleum company founded in 1924 and is one of the seven supermajor oil companies. Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration and production to power generation, transportation, refining, petroleum product marketing, and international crude oil and product trading. TotalEnergies is also a large-scale chemicals manufacturer.

Petróleos de Venezuela, S.A. is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas. Since its founding on 1 January 1976, with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter.

<span class="mw-page-title-main">Sinopec</span> Chinese oil and gas enterprise

China Petroleum and Chemical Corporation, or Sinopec, is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai.

<span class="mw-page-title-main">Sonatrach</span> Oil and gas company of Algeria

Sonatrach is the national state-owned oil company of Algeria. Founded in 1963, it is known today to be the largest company in Africa with 154 subsidiaries, and often referred as the first African oil "major". In 2021, Sonatrach was the seventh largest gas company in the world.

<span class="mw-page-title-main">Hess Corporation</span> American global energy company

Hess Corporation is an American global independent energy company involved in the exploration and production of crude oil and natural gas. It was formed by the merger of Hess Oil and Chemical and Amerada Petroleum in 1968. Leon Hess was CEO from the early 1960s through 1995, after which his son John B Hess succeeded him as chairman and CEO. The company has agreed to be acquired by rival oil company Chevron.

Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland. Glencore's oil and gas head office is in London and its registered office is in Saint Helier, Jersey. The current company was created through a merger of Glencore with Xstrata on 2 May 2013. As of 2015, it ranked tenth in the Fortune Global 500 list of the world's largest companies. In the 2020 Forbes Global 2000, Glencore International was ranked as the 484th-largest public company in the world. As of July 2022, it was the world's largest commodity trader. In 2023, the company was ranked 59th in the Forbes Global 2000.

<span class="mw-page-title-main">Romgaz</span>

Societatea Națională de Gaze Naturale Romgaz SA Mediaș or simply Romgaz is the largest natural gas producer in Romania and one of the largest producers in Eastern Europe. The company is the country's main supplier and responsible for producing around 40% of the total natural gas consumption in Romania.

<span class="mw-page-title-main">Gunvor</span> Cypriot-registered Swiss commodity trading company

Gunvor Group Ltd is a multinational energy commodities trading company registered in Cyprus, with its main trading office in Geneva, Switzerland. Gunvor also has trading offices in Singapore, Houston, Stamford, London and Dubai, with a network of representative offices around the globe. The company operates in the trade, transport, storage and optimization of petroleum and other energy products, as well as having investments in oil terminal and port facilities. Its operations consist of securing crude oil and petroleum products upstream and delivering it to market via pipelines and tankers. Gunvor has a separate company, Nyera, set up in 2021 to invest in renewable energy sources. It is run by energy transition director Fredrik Tornqvist.

Vitol is a Swiss-based Dutch multinational energy and commodity trading company that was founded in Rotterdam in 1966 by Henk Viëtor and Jacques Detiger. Though trading, logistics and distribution are at the core of its business, these are notably complemented by refining, shipping, terminals, exploration and production, power generation, and retail businesses. Vitol has over 40 offices worldwide, with its largest operations in Geneva, Houston, London, and Singapore.

<span class="mw-page-title-main">BP</span> British multinational oil and gas company

BP p.l.c. is a British multinational oil and gas company headquartered in London, England. It is one of the oil and gas "supermajors" and one of the world's largest companies measured by revenues and profits. It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation, and trading.

<span class="mw-page-title-main">Canadian petroleum companies</span>

Although there are numerous oil companies operating in Canada, as of 2009, the majority of production, refining and marketing was done by fewer than 20 of them. According to the 2013 edition of Forbes Global 2000, canoils.com and any other list that emphasizes market capitalization and revenue when sizing up companies, as of March 31, 2014 these are the largest Canada-based oil and gas companies.

<span class="mw-page-title-main">Addax Petroleum</span>

Addax Petroleum was established in 1994 and since August 2009 has been a subsidiary of the Sinopec Group, one of the largest oil and gas producers in China, the biggest oil refiner in Asia, and the third largest worldwide. Addax Petroleum was an international gas and oil production and exploration company mainly focused on the Middle East, the North Sea, and Africa. Since its founding, the company has become one of the largest oil producers in West Africa.

Ayman Asfari is a Syrian-British billionaire businessman. He was the chief executive (CEO) of Petrofac, a Jersey-registered multinational oilfield services company serving the oil, gas and energy production and processing industries, from 2002 to 2020, and became a non-executive director.

<span class="mw-page-title-main">Berry Petroleum Company</span>

Berry Corporation is a company primarily engaged in hydrocarbon exploration in California, the Uintah Basin, and the Piceance Basin. As of December 31, 2021, the company had 97 million barrels of oil equivalent (590,000,000 GJ) of estimated proved reserves, of which 87% was petroleum and 13% was natural gas. The company also offers oil well services and electricity sales.

Taleveras is an African business conglomerate, privately owned with business interests in energy and infrastructure, oil and gas exploration, production, trading and supply, power and construction. Taleveras’ offices are located in London, Geneva, Abuja, Lagos, Abidjan, Cape Town and Dubai.

AtkinsRéalis is the trading name of SNC-Lavalin Group Inc., a Canadian company based in Montreal that provides engineering, procurement, and construction (EPC) services to various industries, including mining and metallurgy, environment and water, infrastructure, and clean energy. AtkinsRéalis was the largest construction company, by revenue, in Canada, as of 2021.

The Ahsani family are a prominent Monaco-based business family of Iranian origin. The family is headed by Ata Ahsani. Ata and his two sons Cyrus and Saman run the energy industry consultancy Unaoil; his third son, Sassan, heads the British property company Lumina Real Estate Capital.

References

  1. 1 2 3 "Annual Results 2022" (PDF). Petrofac. Retrieved 15 February 2024.
  2. 1 2 3 "Heritage". Petrofac. Retrieved 2 March 2021.
  3. "Where we operate | About us | Petrofac". www.petrofac.com. Retrieved 2020-03-11.
  4. Petrofac buys into UK gas storage project Archived 2011-04-14 at the Wayback Machine Evening Standard, 6 December 2010
  5. Petrofac and Bonatti win US$650mn EPC project in Algeria, Africa: Oil Review Africa, 2013
  6. "Petrofac issues profit warning". TheGuardian.com . 24 November 2014. Retrieved 6 December 2014.
  7. "Former Petrofac Executive Pleads Guilty to Three Counts of Bribery". The Wall Street Journal. Retrieved 15 January 2021.
  8. "Petrofac fined £77m for string of Middle Eastern bribery charges". CityAM. 2021-10-04. Retrieved 2021-10-11.
  9. "Petrofac shares sink on suspension notice due to full-year results delay". UK Investor Magazine. 29 April 2024. Retrieved 29 April 2024.
  10. "Petrofac shares collapse on debt warning". Energy Voice. 29 April 2024. Retrieved 29 April 2024.
  11. "Petrofac: About Us". Archived from the original on 2013-12-03. Retrieved 2012-04-01.