Petrofac’s engineering and 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) on May 28.
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 ability to sustain and improve export levels as incumbent operations and maintenance service provider.
The facility, which is one of the largest export terminals in the Gulf and handles around 50% of Iraq’s crude oil exports, is located 60 km offshore the Al Fao Peninsula in Southern Iraq. It comprises a central metering and manifold platform and four single point moorings, which facilitate oil export onto awaiting crude carrier tankers. In addition, Petrofac is responsible for almost 300 km of subsea pipelines, 1,800 meters of subsea and floating hose infrastructure and a marine spread comprising 14 vessels.
“We are delighted to be awarded this further contract extension in Iraq by our longstanding client BOC. During this current challenging period for operations we have continued to work well together, improving the daily export beyond two million barrels. We thank BOC for their consistent support and look forward to maintaining the best-in-class operation of this important national asset,” Mani Rajapathy, managing director, EPS East, said.
Petrofac has been present in Iraq since 2010. Today, Petrofac employs around 400 people in the country and is currently working on a number of projects for a variety of NOC and IOC clients.
Recommended Reading
CEO: Baker Hughes Lands $3.5B in New Contracts in ‘Age of Gas’
2024-07-26 - Baker Hughes revised down its global upstream spending outlook for the year due to “North American softness” with oil activity recovery in second half unlikely to materialize, President and CEO Lorenzo Simonelli said.
Solaris Stock Jumps 40% On $200MM Acquisition of Distributed Power Provider
2024-07-11 - With the acquisition of distributed power provider Mobile Energy Rentals, oilfield services player Solaris sees opportunity to grow in industries outside of the oil patch—data centers, in particular.
Atlas Energy Appoints Chris Scholla as New COO
2024-08-07 - Chris Scholla previously served as Atlas Energy Solutions’ chief supply chain officer and pushed the company into the oilfield logistics market.
Berkshire Hathaway Boosts stake in Occidental Petroleum to Nearly 29%
2024-06-19 - Warren Buffett's Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum.
Halliburton Sees NAM Activity Rebound in ‘25 After M&A Dust Settles
2024-07-19 - Halliburton said a softer North American market was affected by E&Ps integrating assets from recent M&A as the company continues to see international markets boosting the company’s bottom line.