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Petrofac lands $265m contract with Omani petroleum developer
Oil field services provider Petrofac Limited was awarded a contract worth $265m on Monday for the development of a project in Southern Oman.
The contract for work on the Marmul Polymer Phase 3 Project (MPP3) is the first award to be secured under the company's ten-year framework agreement with Petroleum Development Oman (PDO), which was inked in 2017.
Petrofac will provide engineering, procurement and construction management (EP+Cm) support services for PDO's major oil and gas projects
Roberto Bertocco, managing director of Petrofac, said: "Our priorities are to mobilise our teams quickly and to ensure MPP3 is delivered with a focus on technical quality, on time and within budget. We have returned significant value to PDO through our previous project execution and we intend to take the same approach to delivery with MPP3."
Petrofac has engaged in EP+Cm support at the Rabab Harweel Integrated Project and Yibal Khuff Project on behalf of PDO in Oman, where the company has operated for more than three decades.
Said Al-Maktoomi, frame agreement contract holder for PDO, said: "MPP3 is a key project for PDO. Upon completion it will significantly expand our Enhanced Oil Recovery programme for heavy crude. Petrofac has already demonstrated its effectiveness as a partner to PDO and our teams will continue to work with shared goals and true collaboration as we move forward."
The work Petrofac will undertake involves the extension of off-plot and on-plot production facilities for approximately 500 producing and 75 injector wells, for which the company will provide EP+Cm from its Muscat office.
As of 1220 BST, Petrofac's shares were down 1.26% at 501.60p.