Petrofac secures US$75 million contract with South Oil Company

Petrofac has secured a contract worth US$75 million from South Oil Company (SOC) for its Iraq Crude Oil Export Expansion Project (ICOEEP). The one-year contract, with a one-year option, was awarded following a competitive tender and Petrofac, as the incumbent, plans to build on its four-year track record of safe and successful delivery on behalf of SOC.

Under the new agreement, Petrofac will continue to facilitate a substantial proportion of Iraq's oil export which is generated from the facility located 60km offshore the Al Fao Peninsula in Southern Iraq. The company's principal role is to provide operations and maintenance services for the export facilities, comprising the central metering and maintenance platform and four Single Point Moorings, and the loading of the tankers for onward transportation.

Mani Rajapathy, Managing Director, Engineering & Production Services East, said: “Over the last four years we've achieved some significant milestones on this project, including the export of more than 1.5 billion barrels of oil. We have remained focused on adding value for our client through the deployment of innovative and differentiated solutions and on working safely in a complex operating environment. Earlier this year the teams celebrated achieving five million man-hours worked without a lost time incident which is testament to the safety culture that has been created on the project.”

Hayan A. Abdulzahra, Director General, Southern Oil Company: “From the beginning of our relationship Petrofac has been aligned to our goals to significantly increase production from the ICOEEP facility. This has been realised through the team's continued focus on operational excellence and safe and innovative project execution. I look forward to continuing to meet our safety and export milestones with Petrofac as our partner.”

Visit source site

South Oil CompanyPetrofacICOEEPIraq

More items from oilvoice

Over $9.1bn Will be Spent on Mozambique’s Upstream Capex by 2020, Says GlobalData

An average capex of $3.0bn per year would be spent on eight oil and gas fields in Mozambique between 2018 and 2020. Capital expenditure into Mozambique's oil and gas projects, will add up to $9.1bn over the three-year period in upstream capital expenditure by 2020, according to GlobalData , a lead ...

OilVoice Press - OilVoice

Posted 13 hours agoOpinion > upstreamMozambiqueGlobalData +5

Electricity Demand by U.S. Manufacturing has Declined in Recent Years

Source: U.S. Energy Information Administration, based on U.S. Bureau of the Census Annual Survey of Manufactures Overall electricity use in U.S. manufacturing has declined in recent years, based on data from the U.S. Census Bureau . Many manufacturing establishments have the option of gen ...

OilVoice Press - OilVoice

Posted 15 hours agoOpinion > United StatesEIAEnergy Information Administration EIA +1

$21.1bn in M&A Deals Were Announced in the Downstream Sector in 2017, Says GlobalData

A combined value of $21.1bn in mergers and acquisitions (M&A) were announced in the downstream sector in H2 2017, according to GlobalData, a leading data and analytics company.  The company's report: ‘ Bi-annual Downstream Deals Review – H2 2017 ' states that this was a decrease of 19 percent from ...

OilVoice Press - OilVoice

Posted 18 hours agoOpinion > GlobalDataM&Adownstream +6

ADES Signs $450m Credit Facility

ADES is pleased to announce that it signed a US$450 million syndicated credit facility to provide the Company with greater flexibility to pursue further acquisitions, in line with our post-IPO growth strategy. It is a standby credit facility where interest will be charged based on the amount of fun ...

OilVoice Press - OilVoice

Posted 18 hours agoPress > ADESCredit FacilityIPO

Gazprom Improving Efficiency Through Innovations

The Gazprom  Management Committee  approved the 2017 Progress Report on the Company's Innovative Development Program until 2025. It was noted that Gazprom made consistent and targeted efforts to improve the efficiency of its  innovations . The Innovative Development Program until 2025 serves as an ...

OilVoice Press - OilVoice

Posted 20 hours agoPress > GazpromR&DRussia
All posts from oilvoice