International oilfield service provider Petrofac has been awarded a second extension contract from South Oil Company (SOC) for its Iraq Crude Oil Expansion Project located in Al Fao Peninsula
The original contract was awarded in August 2012 for 12 months following a three-month mobilisation period and was worth approximately US$100mn.
The 12-month extension, worth around US$106mn, comes into effect in December this year and brings the total value of the contract to more than US$300mn since it was first secured.
Petrofac is responsible for operations and maintenance services on a range of offshore facilities including an offshore platform, central metering and maintenance platform (CMMP), four single point moorings (SPMs), subsea pipelines and tanker operations, all based 60km offshore in southern Iraq.
Mani Rajapathy, senior vice-president MENA/CIS, Petrofac Offshore Projects & Operations, said, “This extension builds on Petrofac’s recent successes in Iraq and our commitment to SOC. Over the past 24 months, we’ve loaded 280 tankers and exported 570mn barrels.
“We have helped to drive consistent improvement in monthly exports, with export for the last six months averaging in excess of 31mn barrels.”
Dyeyaa Jaafar Hyjam, director general, SOC, added that during the last two years, apart from delivering operations and maintenance and export targets, Petrofac brought in its wider capabilities in engineering, supply chain and project management for the benefit of SOC.
“This contract extension reflects Petrofac’s significant contribution to SOC’s improved export from Al Fao Peninsula, in a safe and efficient manner,” noted Hyjam.
READ MORE...
BP awards US$500mn service contract to Petrofac in Iraq
