Perenco
| Company type | Private |
|---|---|
| Industry | Oil and gas |
| Founded | 1975 |
| Founder | Hubert Perrodo |
| Headquarters | London and Paris , United Kingdom and France |
Area served | 16 countries worldwide including North Sea, Cameroon, Gabon, Republic of Congo, Democratic Republic of Congo, Guatemala, Ecuador, Colombia, Peru, Venezuela, Brazil, Belize, Tunisia, Egypt, Turkey, Vietnam, Trinidad and Tobago |
| Products | Oil and gas exploration and production |
Number of employees | 6000+ |
Perenco is a privately owned Anglo-French enterprise specializing in oil and gas, with its main offices located in London and Paris. The company conducts exploration and production operations across 16 nations globally, including the North Sea, Cameroon, Gabon, Republic of Congo, Democratic Republic of Congo, Guatemala, Ecuador, Colombia, Peru, Venezuela, Brazil, Belize, Tunisia, Egypt, Turkey, Vietnam, and Trinidad and Tobago. Perenco oversees both offshore and onshore activities, generating roughly barrels of oil equivalent daily.
History
Established in 1975 by Hubert Perrodo initially as a marine services provider in Singapore, Perenco broadened its scope to drilling with the creation of Techfor in 1980 and the acquisition of French drilling company Cosifor in 1982. The company ventured into upstream oil and gas by 1985 through purchasing proven onshore fields in the United States, where it applied secondary recovery methods to enhance production. By 1992, Perenco redirected its focus toward oil exploration and production.
Operations
With a workforce exceeding 6,000 employees, Perenco operates across 16 countries, managing both offshore and onshore production sites that yield an average of barrels per day. While expansion has primarily been driven through acquisitions, the Group now prioritizes boosting output and reserves, renewing operational licenses, and securing new acreage for exploration and development projects.
Africa
Perenco maintains a presence in five African countries. In March 2023, the company became subject to initial investigations concerning allegations of corruption involving public officials in Africa, coinciding with related inquiries in France.
Cameroon
Since 1993, Perenco has collaborated with ExxonMobil and Cameroon’s national oil company SNH. In 2018, it commenced production at Cameroon LNG utilizing the floating LNG facility Hilli Episeyo.
Congo
In the Republic of Congo, Perenco manages four offshore assets: Emeraude (acquired in 2001), Yombo (2002), Likouala (2010), and PNGF-Sud (2017).
Democratic Republic of Congo (DRC)
Present since 2000, Perenco has substantially increased output by investing annually in approximately 30 new wells. The company applies advanced recovery techniques and stands as the DRC’s only oil producer, as well as its largest investor and taxpayer.
Gabon
Perenco initiated operations in Gabon in 1992 by acquiring four offshore fields located south of Port-Gentil. The company’s production averages barrels per day from 29 onshore and offshore licenses. Around half of Gabon’s crude production is stored on the Fernan Vaz and Mayumba floating storage and offloading units, with capacities of and , respectively.
Since December 2007, Perenco has been supplying gas to power plants in Libreville and Port-Gentil, delivering up to 680,000 cubic meters daily—450,000 cubic meters to Libreville-Owendo and 230,000 cubic meters to Port-Gentil. In 2017, it took over operatorship of several licenses formerly controlled by Total Gabon. The following year, Perenco entered negotiations to acquire the Sardine field from Forafric Energy.
Tunisia
In July 2002, Perenco acquired assets in Tunisia where it holds a 50% stake and operates the El Franig, Baguel, and Tarfa gas condensate fields located centrally within the country. Production from El Franig and Baguel is transported via a 120-kilometer pipeline to the Oum-Chiah processing plant. Condensate is exported through La Skhira terminal while gas supplies the Gabes facility for local consumption.
The company is actively pursuing exploration efforts on the Takrouna permit area, having completed a comprehensive 400-kilometer two-dimensional seismic survey to pinpoint potential drilling locations.
Vietnam
Perenco possesses stakes in three Vietnamese assets: a 23.25% share in Block 15-1, 36% in Block 15-2, and 16.33% in the Nam Con Son pipeline. These interests were obtained from ConocoPhillips in 2012 for roughly $1.29 billion. In 2018, Perenco and ConocoPhillips jointly initiated legal action to contest the Vietnamese government’s attempt to impose capital gains tax on the transaction, arguing that as entities based in the UK, the sale should not be subject to such taxation.
Australia
Perenco holds a majority 60% stake and operates exploration permit T/32P, as well as a 37.5% interest in T/35P, which is managed by Santos alongside Mitsui. These offshore permits are situated in the Sorell Basin of South-East Australia—an extension of the productive Otway Basin—and encompass over . The area features multiple play types and prospects, some analogous to the Thylacine and Geographe fields found within the Otway basin.
Additionally, Perenco owns 33% of AC/P45 and 40% of AC/P44 located in the Browse Basin on the Northwest Shelf, with Finder Exploration serving as operator. These permits collectively cover an area of .
Belize
Perenco holds full ownership of Block A in northern Belize. This exploration permit, agreed upon with Belizean authorities in January 2008, spans within the Corozal Basin—an extension of Guatemala’s producing North Peten Basin—positioned north of the Spanish Lookout and Never Delay fields.
Mexico
In August 2018, Perenco secured a 49% interest in Petrofac Limited’s operations across Mexico.
Land invasion controversy
In 2020, Perenco was accused of collaborating with local officials to suppress opposition from communities and landowners in Tabasco who resisted imposed contracts. These allegations prompted complaints submitted to Mexico’s National Human Rights Commission and other governmental bodies.
Trinidad and Tobago
Perenco acquired the Teak, Samaan, and Poui (TSP) offshore fields southeast of Trinidad from Repsol in December 2016. The company operates these fields and holds a 70% ownership stake, with state-owned Heritage and NGC collectively owning the remaining 30%. TSP yields over 10,000 barrels of oil per day from Plio-Pleistocene sandstone reservoirs. Perenco stands as the largest foreign oil producer within Trinidad and Tobago.
Europe
In 2022, Investigate Europe and Disclose released reports supported by the Environmental Investigative Forum that spotlighted Perenco’s alleged environmental pollution, use of tax haven structures, and political affiliations.
United Kingdom
Perenco manages five compression hubs and gas gathering platforms connected to the Bacton Gas Terminal on Norfolk’s coast:
- East Leman (Block 49/27)
- Inde (Block 49/23)
- Trent (Block 44/24)
- Lancelot (Block 48/17)
- Thames (Block 49/28)
In 2011, Perenco purchased the onshore Wytch Farm oilfield from BP through a joint venture while maintaining full operational control. The following year, it acquired all BP’s offshore Southern North Sea gas assets, including facilities such as an office in Hessle and the Dimlington gas terminal.
In 2024, The Guardian disclosed that Perenco had repeatedly failed to meet official deadlines for decommissioning aging North Sea oil wells, creating risks of fires and environmental harm, with potential costs reaching £8 million per well.
Turkey
In January 1996, Perenco took ownership of oil fields near Diyarbakir in southeastern Turkey, establishing itself as the country's leading foreign oil producer with a daily net output of . The company manages approximately 200 wells and seven production gathering stations within a 100 km radius. Crude oil is exported via its facility at the Pirinclik terminal, which serves Mediterranean ports.
Brazil
Perenco obtained five deepwater exploration permits during Brazil’s 9th licensing round, formalizing concession agreements in March 2008. These adjacent offshore blocks, situated in the Espirito Santo basin, are operated by Perenco in collaboration with OGX.
Colombia
Operating through its subsidiary Perenco Colombia Ltd, established in 1993 and headquartered in Bogota, the company oversees six association contracts alongside one concession contract.
Ecuador
In July 2009, Ecuador’s government assumed operational control over Perenco’s fields. In response, Perenco announced intentions to initiate a claim at the International Centre for Settlement of Investment Disputes.
Guatemala
Since acquiring Basic Resources International Ltd. from Anadarko Petroleum in 2001, Perenco has managed oilfields yielding approximately 20,000 barrels per day across the Rubelsanto and Xan regions. Noteworthy assets include the Xan Field, La Libertad refinery, and a pipeline featuring six pumping stations that connect Xan and Rubelsanto to the Piedras Negras Terminal on Guatemala’s Atlantic coast. This terminal offers storage capacity of and facilitates the shipment of around 12 vessels annually.
Peru
Perenco holds full ownership of the license for Block 67 within the Maranon Basin, encompassing the Paiche, Dorado, and Pirana fields. Upon full development, these fields are expected to produce up to of oil. The project plan includes drilling over 170 wells from ten platforms, constructing central processing plants, and laying local pipelines to link crude oil to an export pipeline system leading to the Bayovar export terminal located 1000 km away on the Pacific coast. In April 2009, Block 67 was designated a project of national necessity and interest. Around this period, Perenco encountered opposition from indigenous groups in Peru who filed legal actions against the company.
Venezuela
Perenco participates in two public-private partnerships: Petrowarao and Baripetrol. Petrowarao operates the Pedernales and Ambrosio fields, while Baripetrol manages the Colon field.
The Pedernales Field, positioned on the northern edge of the Orinoco Delta, incorporates both floating and fixed platforms with 26 active wells producing about per day. The Ambrosio Field located in Lake Maracaibo yields approximately per day of oil equivalent.
In February 2014, Perenco entered negotiations with Venezuela's state-owned PDVSA for a $600 million financing arrangement aimed at enhancing production within their Petrowarao joint venture.
Environmental impact
In 2022, Perenco obtained authorization for an offshore carbon capture and storage (CCS) initiative at its Leman gas field through a joint venture with Carbon Catalyst. This project involves injecting CO₂ into depleted subsea gas reservoirs and saline aquifers. Additional permits were awarded for CCS projects at both the decommissioned Amethyst gas field and the active West Sole field off Yorkshire’s coast.
In April 2023, an incident at Perenco's Wytch Farm facility resulted in a spill of 200 barrels of reservoir fluid into Poole Harbour, designated as a Site of Special Scientific Interest. The spill affected local wildlife populations and prompted authorities to advise fishermen, swimmers, and visitors to avoid entering the harbour area. The Environment Agency declared it a major incident while Perenco faced criticism from environmental activists and regional officials. Subsequent water quality assessments showed containment near Shotover Moor without significant spread throughout the harbour.
During 2023, an investigative report by the Environmental Investigative Forum and partners revealed widespread environmental violations by Perenco worldwide. The company operates within 74 protected zones and is associated with over 400 documented cases of air and water pollution as of December 2023.
Iraq
In mid-2013, Perenco terminated its exploration and operational presence in Northern Iraq's Kurdistan region by shutting down its subsidiary office in Erbil. Between 2007 and 2013, the company held the Sindi-Amedi Exploration License, which spanned an area of 2,358 km2 within the Kurdistan Autonomous Region. This license bordered the Silopi licenses in Turkey—where Perenco also maintains a partnership—and was located close to the Tawke oil field.