Petrofac To Sell 49% Of Its Mexican Operations

British oilfield services provider Petrofac Ltd. said on July 30 it had agreed to sell 49% of its operations in Mexico to Perenco (Oil & Gas) International Ltd. as it prepares to scale back oil and gas production.

Petrofac, which designs, builds, operates and maintains oil and gas facilities, expanded into oil and gas production during the oil price boom earlier this decade.

The strategy didn’t last and in 2017 the company warned that its integrated energy services (IES) division would have lower than expected profits, hit by weaker oil prices, lower capital investment by clients in Mexico and a delayed entry into the Greater Stella Area in the North Sea.