Petrofac signs pact with Nigeria

FTSE 100-listed oil and gas services provider Petrofac yesterday said that, along with African oil and gas explorer Taleveras Energy Resources, it has signed a five-year memorandum of understanding with the Nigerian Petroleum Development Company (NPDC), a subsidiary of Nigeria’s state oil company. The agreement, which is extendable, allows the parties to explore options including funding, technical support and training services to support NPDC’s growth plans. Petrofac shares lost over two per cent yesterday amid tough trading.