This year Petrofac Resources will submit plans for the West Don and Don Southwest oil fields in the North Sea, decide whether reserves at the Cendor field offshore Malaysia warrant a second development phase, and bring onstream the Chergui field offshore Tunisia.
There would be nothing unusual in this if it were not for the fact that Petrofac is primarily an oil industry engineering and services group. Its Resources division was created in 1998 to take equity stakes in selected development projects, the rationale being that it would provide long-term cashflow to a 鈥渓umpy" core business and leverage to win more and bigger engineering jobs.
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