Katrina Updates
Petrofac Wins EPC Deal At Iraq Majnoon Field-Official
AMMAN (Dow Jones) — U.K.-based oil and gas services company Petrofac Ltd. has won an engineering, procurement and construction contract to build two crude-oil processing plants at Iraq's super giant Majnoon oil field, a senior Iraqi oil official said Thursday.
The contract was awarded to Petrofac by Iraq's state-run South Oil Co., Royal Dutch Shell PLC and Malaysia's state-run Petronas, which jointly operate the Majnoon oil field in southern Iraq with estimated reserves of 12.6 billion barrels.
The official, speaking by phone from Basra, said that construction of the two processing plants, each with a 50,000-barrel-a-day capacity, would take 18 months.
He gave no details on the value of the contract.
A Petrofac official based in Sharjah, in the United Arab Emirates, refused to comment.
Shell/Petronas also awarded a deal to U.S. service giant Halliburton Co and the state-run Iraqi Drilling Co. to drill 15 wells at Majnoon as part of the first two years of the development plan, the official said.
The drilling deal could be worth up to $150 million as the official said that each new well would cost $10 million - a little less or a little more.
Halliburton issued a statement Wednesday confirming the deal but it said it was still pending approval by the Iraqi authorities.
The aim of the two deals is to lift Majnoon's production from the current 45,000 barrels a day to more than 175,000 barrels a day by mid-2012, the official said.
The Anglo-Dutch super major and Petronas were awarded a contract in December to develop the Majnoon field, which is located in Basra governorate. Shell owns 45% of the venture and Petronas 30%, with Iraq's state-run South Oil Co. holding 25%.
They pledged to raise production to 1.8 million barrels a day from Majnoon in six years from now.
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