Oilfield services provider Petrofac has hired banks to help it sell its oil assets in Mexico and is looking to scale back its upstream oil and gas business, Reuters reported on Friday, quoting several banking sources. London-listed Petrofac has hired investment banks HSBC and Barclays to help it with the sale of the oil fields it has in Mexico, as the oilfield services provider is now looking to refocus on its core business—onshore engineering and construction. Petrofac became the first foreign firm to operate state oil fields in Mexico in more than 70 years, when in 2012 Mexican state-run company Petróleos Mexicanos (Pemex) awarded it two integrated services contracts. Apart from the Mexican fields, Petrofac may also consider divesting its assets in the Greater Stella Area in the UK’s North Sea, according to Reuters’ sources. Ithaca Energy, owned by Israel’s Delek Group, could make an offer for Petrofac’s Greater […]