Petrofac Secures Almost $1B in New Contracts
Oil and gas services company Petrofac has secured almost $1 billion in new contracts from Basra Oil Company (BOC) and BP plc.
Petrofac announced Wednesday that its Engineering & Production Services (EPS) division had won a contract worth $160 million from Basra Oil Company (BOC), previously known as South Oil Company, for its Iraq Crude Oil Export Expansion Project (ICOEEP).
The facility is located 60 kilometres offshore the Al Fao Peninsula in Southern Iraq. It comprises a central metering and manifold platform and four Single Point Moorings which facilitate oil export onto awaiting crude carrier tankers.
The BOC award followed Petrofac’s announcement on Tuesday that it had been awarded a lump-sum contract worth approximately $800 million by BP for work on the Phase 2 central processing facility (CPF) at the Khazzan Phase 2 (Ghazeer) gas development in the Sultanate of Oman.
This project comprises the addition of a third gas train with a capacity for nominally handling 500 million standard cubic feet of gas per day (mmscfd), which will help drive increased total production capacity from the CPF to 1,500 mmscfd. Petrofac will also conduct liquid and compression train and associated infrastructure work, as well as brownfield work associated with connecting the Phase 1 and 2 facilities.
Earlier this year, Oman's Duqm Refinery and Petrochemical Industries awarded a $2 billion contract to Petrofac’s 50:50 joint venture with Samsung Engineering. The company also secured a $1.3 billion engineering, procurement and construction contract for the Burgan oil field in south-east Kuwait, from Kuwait Oil Co, back in March.
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