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).
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally