Petrofac nets $700m Kuwait work

Oil & gas rig10 July 2014, News Wires – Contractor to build oil gathering station for state-run giant aiming to increase and maintain production

The contractor giant won the engineering, procurement, construction, pre-commissioning and commissioning deal for gathering centre 29 (GC29).

The facility is one of three being built by KOC over the next five years to increase and maintain oil production.

Each facility will be capable of producing around 100,000 barrels of oil per day, together with associated water and gas.

Petrofac will take about three years to finish its contract.

GC29 will be located around 70 kilometres north of Kuwait City.

Investment analyst Edison said in a note on Thursday: “This contract comes on the back of a succession of contract wins for Petrofac this year, and a record year for order intake last year, and is extremely encouraging.

“As much as $40 billion of lump sum work will be available for bidding by international oil service companies in Kuwait this year.”



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