Petrofac to Commence Phase II
Press Release
22 December 2010
PETROFAC LIMITED
PETROFAC TO COMMENCE US$3.4 BILLION SECOND PHASE OF TURKMENISTAN CONTRACT
Petrofac, the international oil & gas facilities service provider, confirms that following successful completion of the first phase of the South Yoloten project for Turkmengas, the state-owned national gas company of Turkmenistan, it has commenced work on the second phase of the project, worth US$3.4 billion.
When complete, the South Yoloten field, which is situated approximately 400km south east of the capital Ashgabat, is expected to export 20 billion cubic metres per annum (bcma) of gas. Under the second phase of the contract, which is scheduled to last 31.5 months, Petrofac will provide engineering, procurement and commissioning work on a lump-sum basis for a 10 bcma gas processing plant along with the infrastructure and pipelines for the entire 20 bcma development. The feed gas from the field contains up to 6% H2S, and the development will include gas treatment and sulphur handling facilities, along with well pad facilities, gathering facilities, infrastructure and utilities, condensate processing, storage and export.
Marwan Chedid, managing director of Petrofac's Engineering & Construction Ventures business, said: "Following the successful completion of the first phase of this contract awarded in December last year, I am delighted that we are moving into the substantial second phase where we will be able to bring to bear our extensive experience of designing and constructing facilities to handle and process sour gas. Our initial planning and set-up studies have given us confidence that we can maintain our high working standards and first class project delivery in Turkmenistan, and we are excited to be working with Turkmengas on this important project."
Maroun Semaan, group chief operating officer, commented: "Whilst we have substantial experience of working in the region, Turkmenistan is a new market for us, albeit one with considerable potential, where we would like to build a sustained presence. Successfully delivering this contract will underpin our endeavours in this respect and I look forward to developing our relationship with Turkmengas as we move into the second phase of our work on this important development."
Ends
For further information contact:
Tulchan Communications Group Ltd +44 (0) 20 7353 4200
James Bradley
David Allchurch
petrofac@tulchangroup.com
Notes to Editors
Turkmenistan and Turkmengas
Turkmenistan is an independent presidential republic located in Central Asia on the Eastern shore of the Caspian Sea. It borders Iran to the south, Afghanistan to the south and east, and Kazakhstan and Uzbekistan to the north.
Turkmenistan occupies 488,100 square kilometres and has an estimated population of around five million people. The country is rich in natural resources with an estimated 20 trillion cubic metres of natural gas reserves and 12 billion barrels of oil.
Turkmengas is Turkmenistan's state owned national gas company headquartered in Ashgabat.
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 more than 13,000 employees, Petrofac operates out of six strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai, Mumbai and Abu Dhabi 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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