L&T Bags $250M EPC Contract for Oman Project
India's Larsen & Toubro (L&T) announced Tuesday it has won an order valued around $250 million (INR15 billion) from Petroleum Development Oman LLC (PDO). The engineering, procurement and construction (EPC) order is for the Yibal third stage depletion compression (Y3DC) project at the Yibal-Natih gas reservoir in Oman. The project is scheduled to be completed in 39 months.
Yibal-Natih is a sweet gas reservoir with recoverable reserves estimated at 90 percent. It has been in production since 1972 and has undergone a series of expansions to accommodate increasing demand for gas. The Yibal third stage facility will be installed to boost reservoir pressure.
With significant growth potential for natural gas market in the Gulf, this order is strategic for L&T and reflects its capability to execute such projects in an extremely competitive environment. L&T is currently executing two projects - the Lekhwair Gas Field Development Project and the Saih Rawl Depletion Compression Project for Petroleum Development Oman.
Petroleum Development Oman is a leading exploration and production company in the Sultanate. It accounts for more than 70 percent of the country's crude oil production and nearly all of its natural gas supply. The company is owned by the Government of Oman (which has a 60 percent interest), Royal Dutch Shell (34 percent), Total (4 percent) and Partex (2 percent).
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