Petrofac Awarded Shell Contract in Iraq
Press Release
31 March 2011
PETROFAC LIMITED
PETROFAC AWARDED SHELL CONTRACT IN IRAQ
Petrofac, the international oil & gas facilities service provider, can confirm it has been awarded a contract, in excess of US$240 million by Shell Iraq Petroleum Development B.V. for developments in the Majnoon Field, Southern Iraq.
Under the competitively tendered contract, Petrofac is providing engineering, procurement, fabrication and construction management services for the development of a new early production system comprising two trains each with capacity for 50,000 barrels of oil per day, along with upgrading of existing brownfield facilities. Work on the project began in mid-2010 and is expected to complete during the fourth quarter of 2012.
Ayman Asfari, Petrofac group chief executive, said: "Majnoon is one of Iraq's largest developments and we are delighted to be working with Shell to assist them with unlocking the field's potential. Iraq's geographic location, adjacent to many of our existing areas of operation, made it a natural market for the group as we continue to broaden our geographic footprint."
Subramanian Sarma, managing director, Petrofac Engineering & Construction adds: "Prior to beginning work with Shell in Iraq last year, we had spent many months preparing in order to achieve a sufficient level of readiness across several aspects of our business operations. All of our activities are underpinned by our strong commitment to safety, quality and integrity and alongside Shell and the local community, we are working to deliver this project to the standards our customers and stakeholders expect from us."
Ends
For further information contact:
Tulchan Communications Group Ltd +44 (0) 20 7353 4200
James Bradley
Martin Robinson
petrofac@tulchangroup.com
Notes to Editors
Petrofac
Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.
The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Energy Developments.
Through these businesses Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil & gas assets.
With around 14,000 employees, Petrofac operates out of six strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai, Mumbai and Abu Dhabi and a further 20 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.
For additional information, please refer to the Petrofac website at www.petrofac.com.
Majnoon field, Iraq
The Majnoon Field is a super-giant oil field located 60km from Basra, and is one of the country's largest fields with proven reserves of an estimated 12.8 billion barrels of oil. Shell is the lead operator of the Field, holding a 45% share, with partner Petronas holding 30%. The Iraqi state holds 25% of the participating interests in all licences. The consortium targets reaching a production plateau of 1.8 million barrels of oil per day, up from a current level of approximately 45,000 barrels of oil per day.
This information is provided by RNS
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