Tag Archives | Petrofac

Petrofac expects "Significant Upside Potential" on return to Iraq

By John Lee. Oil services company Petrofac has said it is "anticipating significant upside potential upon return to markets in Saudi Arabia, Iraq and the UAE". In 2019, customers in Iraq and Saudi Arabia suspended Petrofac from bidding on new contracts, while allowing it to execute pre-existing contracts, followed by a UAE customer in 2020. […]

Petrofac Iraq Revenues Down

By John Lee. Petrofac has announced that for the year ended 31st December 2020, the company had revenues of $238 million in Iraq -- $105 million in engineering and construction, and $133 in engineering and production services. This represented about 6 percent of the company's total turnover, and was down from a total of $325 […]

Petrofac Wins Contract Extension in Iraq

By John Lee. Petrofac has announced that its Engineering & Production Services division ('EPS') has secured a one-year contract extension worth around US$80 million with a key client in Iraq. While not mentioning the specific project, the company said: "The award is recognition of Petrofac's successful eight-year track record of safe delivery as the incumbent […]

Petrofac secures Contract Extension with Basra Oil Company

Petrofac's Engineering & Production Services division (EPS) has secured a further six-month contract extension with Basra Oil Company (BOC) for its long-standing Iraq Crude Oil Export Expansion Project (ICOEEP). According to a statement from Petrofac, the confirmation of the contract extension is recognition of Petrofac's successful seven-and-a-half-year track record of safe and efficient delivery and […]

Petrofrac Order Intake hit by Iraq Fraud Investigation

By John Lee. Petrofac has said that a fall in first-half order intake was partly due to an investigation into the oilfield services company’s dealings in Saudi Arabia and Iraq. In its results for the six months ended 30th June 2019, Petrofac's Group Chief Executive Ayman Asfari commented: "Petrofac has delivered good results that reflect […]

Petrofac Exec admits Bribes Paid to Win Iraq Contracts

In connection with the UK Serious Fraud Office (SFO)’s ongoing investigation into Petrofac Limited and its subsidiaries (“Petrofac”), on 6 February 2019 David Lufkin, 51, a British national, and previously Global Head of Sales for Petrofac International Limited, pleaded guilty at Westminster Magistrates’ Court to eleven counts of bribery, contrary to sections 1(1) and 1(2) […]

Petrofac secures $50m Contract Extension in Iraq

Petrofac’s Engineering & Production Services (EPS) East business has secured a four-year renewal of a contract for maintenance management services for an international oil company client in Iraq. Under the agreement, which is worth approximately US$50 million, Petrofac will continue to provide specialist personnel to support maintenance services for existing mature assets and new production […]

Petrofac awarded Basra Oil Company EPC Contract

Petrofac has been awarded a contract worth around US$370 million by Basra Oil Company (BOC) for expansion of the Central Processing Facility (CPF), located in the Majnoon Field, Southern Iraq. Under the terms of the 34-month contract, the lump-sum engineering, procurement and construction (EPC) project scope of work includes two oil processing trains, able to […]