By John Lee.
In its final results for the year ended 31st December 2012, oil and gas service provider Petrofac issued the following updates on its operations in Iraq:
Badra oilfield development project, Iraq
In February 2012, we were awarded a US$330 million lump-sum EPC contract by Gazprom for the first phase of the Badra oilfield development project. We are providing detailed design, engineering, procurement, construction, pre-commissioning, commissioning and start-up work on the Badra development's central processing facility, which comprises three crude oil processing trains. The first phase of the project is expected to come on stream in the second half of 2013, with final completion scheduled during the second half of 2015.
Inspection, maintenance and repair contract, Iraq
In November 2012, we won a further inspection, maintenance and repair contract for the Rumaila oil field in southern Iraq with our joint venture partner, China Petroleum Engineering & Construction Corporation (CPECC). The US$229 million contract was awarded by BP Iraq NV (BP), via the Rumaila Operating Organisation (ROO), following a competitive tender. The three-year contract, which is worth more than US$160 million to Petrofac, covers the inspection, maintenance and repair of degassing stations, rotating machinery and cluster pumping stations and came into effect on 1 November 2012.
Offshore operations contract, Iraq
In August 2012, we secured a contract worth approximately US$100 million to provide offshore operations and maintenance services for the Iraq Crude Oil Expansion Project. Awarded by Iraq's South Oil Company (SOC), the 12-month contract commenced following a three-month mobilisation period. There is also additional scope for the contract to be extended via two one-year contract extension options. Offshore Projects & Operations will provide operations and maintenance services for the new oil export facilities situated approximately 60 kilometres offshore the Al Fao Peninsula in southern Iraq. The facilities include: an offshore platform, metering station, single point moorings, subsea pipelines and tanker operations.
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