Last checked at 10 Jul 2015 07:00
Press Release
10 July 2015
PETROFAC AWARDED US$780 MILLION PROJECT IN KUWAIT
Petrofac, the international oil and gas services provider has received an award notification for Kuwait Oil Company's (KOC) manifold group trunkline (MGT) system in the north of Kuwait.
The lump-sum engineering, procurement and construction (EPC) project, valued at approximately US$780 million, is integral to KOC's plans to increase and maintain crude production over the next five years. Three new gathering centres (GCs), which form part of the broader project, are already under construction with Petrofac executing the EPC contract for GC 29.
Due for completion towards the end of 2017, the MGT system will provide the feedstock to each of the GCs via three independent networks of intermediate manifolds and pipelines. Each of the three GCs will be capable of producing around 100,000 barrels of oil per day together with associated water and gas.
Marwan Chedid, Chief Executive of Petrofac's Engineering, Construction, Operations and Maintenance division, said: "We have a long track record in Kuwait which extends over the last 15 years and the MGT award represents our twelfth project in the country. Kuwait is, and will continue to be, one of our core markets and is of strategic importance to Petrofac's ambitions in the Middle East. We look forward to working with KOC to deliver this project safely and on schedule."
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For further information contact:
Alison Flynn
Head of Media Relations
Petrofac
Alison.flynn@petrofac.com +44 (0) 20 7811 4913
Petrofac Investor Relations +44 (0)20 7811 4900
Jonathan Low
Jonathan Edwards
IR@petrofac.com
Tulchan Communications Group Ltd
Stephen Malthouse
Martin Robinson
petrofac@tulchangroup.com +44 (0) 20 7353 4200
Notes to Editors
Petrofac
Petrofac is a leading international service provider to the oil & gas production and processing industry, with a diverse client 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).
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 clients' needs across the full life cycle of oil & gas assets.
With around 20,000 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.
For additional information, please refer to the Petrofac website at www.petrofac.com.