Iraq and Petrofac sign $75mn contractby Yasmin Helal on Dec 14, 2016
Petrofac has secured a contract worth $75mn 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.
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 1.5bn 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.”