Petrofac Secures $1B EPC Contract
Petrofac has been awarded a contract worth around $1 billion by Groupment Isarene for engineering, procurement and construction services relating to the Ain Tsila development project in Algeria.
The work-scope of the 42-month contract includes commissioning, start-up and performance testing. Located around 680 miles south-east of Algiers, the Ain Tsila field will produce gas, LPG and condensate for the local Algerian market and for export.
“I am delighted we have the opportunity to be working with the Groupement Isarene partners to deliver this strategically important project,” E S Sathyanarayanan, Petrofac group managing director of engineering and construction, said in a company statement.
“This award builds on Petrofac’s significant track record in Algeria where we have been operating successfully for more than 20 years, with a strong record for project execution and the development of local capability,” Sathyanarayanan added.
“We are focused on delivering an effective, safe solution that meets our high standards and continues our commitment to the local energy sector,” the Petrofac representative continued.
Petrofac describes itself as a leading international service provider to the oil and gas production and processing industry. Back in February, the company reported a net profit of $64 million for 2018. Petrofac recorded a net loss of $29 million in 2017.
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