PETROFAC AWARDED US$2.3 BN AB
PETROFAC LIMITED
PETROFAC AWARDED US$2.3 BILLION ABU DHABI CONTRACT
Petrofac, the international oil & gas facilities service provider, has been awarded a US$2.3 billion contract by Abu Dhabi Company for Onshore Oil Operations (ADCO) for the development of the onshore Asab oil field.
Under the 44-month lump-sum contract, Petrofac will provide engineering, procurement and construction (EPC) services to upgrade the production capacity of the Asab field.
The rejuvenation of the Asab field is central to ADCO's overall development plan to increase its production and achieve the committed 1.8 million barrels of oil per day contributing towards achieving the country's additional production. In addition to the production capacity upgrade of Asab, Petrofac's scope includes upgrading the facility's capacity to accept increased production from Sahil, Shah and other south east fields and to upgrade the associated utilities and water handling facilities.
Mr Abdul Munim Al Kindy, ADCO general manager stated: "This award is a clear indication of Abu Dhabi's commitment to achieving its future production targets and such an investment clearly indicates that the UAE will continue to play an active role in future energy supply."
Petrofac's group chief operating officer, Maroun Semaan, commented: "The Asab development is one of the largest upstream projects recently awarded in the region. We are delighted to have secured this significant project, which clearly demonstrates our competitive position in the Middle East. This further reflects the commitments of major oil companies in the region to continue with strategic upstream projects."
Commenting on the award, Ayman Asfari, Petrofac's group chief executive, said: "This contract represents one of Petrofac's most important project awards to date and is a significant achievement for our Engineering & Construction business. In 2008, Petrofac separately engaged in a joint venture with Mubadala Petroleum Services Company, and the creation of Petrofac Emirates reinforces our commitment to working in Abu Dhabi and to establishing a long-term and sustainable business in the Emirate."
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For further information contact:
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Petrofac
Ayman Asfari, Group Chief Executive
Keith Roberts, Chief Financial Officer
Jonathan Low, Head of Investor Relations
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+ 44 (0) 207 811 4900
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Bell Pottinger Corporate & Financial
Ann-marie Wilkinson
Olly Scott
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+44 (0) 20 7861 3232
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Notes to Editors
Abu Dhabi Company for Onshore Oil Operations (ADCO)
ADCO is a joint venture between the Abu Dhabi National Oil Company (ADNOC), Shell, Total, Exxon Mobil, BP and Partex.
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).
The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training, 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 more than 10,000 employees, Petrofac operates out of five strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai and Mumbai and a further 19 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.
This information is provided by RNS
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