Sunday, June 11, 2017

Petrofac wins Oman Petroleum EPCm contracts

British oilfield services company Petrofac has secured a long-term framework agreement with Petroleum Development Oman (PDO) for the provision of engineering, procurement and construction management (EPCm) support services for major oil and gas projects.

The agreement, which is for 10 years with an additional five-year option, builds upon a three-year programme of EPCm support contract delivery Petrofac has undertaken on behalf of PDO, said a statement from the company.

Future projects undertaken through the agreement will be supported by Petrofac’s Muscat office for technical delivery and to ensure sustainable in-country value is generated, it added.

Craig Muir, the group managing director for engineering and production services at Petrofac, said: "This is a landmark agreement between our two companies and marks a new level of collaboration between PDO and Petrofac."

"It builds upon a long-standing relationship which spans more than two decades and encompasses a significant number of projects undertaken in Oman on both a lump-sum and reimbursable basis," noted Muir.

“Our priority will be to deliver quality oil and gas facilities that are technically robust, with an absolute focus on safety and in-country value,” he added.

Raoul Restucci, the managing director of PDO said: "This long-term agreement with Petrofac reflects our continuing commitment to the safe and responsible development of hydrocarbons in the sultanate and to drive maximum in-country value from our operations."

"PDO seeks a high level of performance and commitment from our supply chain and this agreement reaffirms our determination to work with key partners in supply chain to deliver real value for Oman and our shareholders," remarked Restucci.

"It is our firm belief the value that we have already created working closely together can be sustained well into the future and we look forward to extending our partnering with Petrofac in this next phase of our relationship," he added.

Petrofac is currently undertaking two projects, on behalf of PDO, through an EPCm delivery model. This includes the $1.2-billion award in March 2014 for the Rabab Harweel Integrated Project and the $900 million award in June 2015 for the Yibal Khuff project.-TradeArabia News Service

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