Petrofac $1B Oman Deal

UK oil and gas services company Petrofac has secured its second $1bn-plus contract in Oman in less than a month, as it looks to further consolidate its position in the Middle East.

The contract, which Petrofac says “is expected to be more than $1bn,” was awarded by majority state-owned but Shell-led Petroleum Development Oman (PDO) for the Rabab Harweel integrated project (RHIP), a key oil and gas development in the country’s south. The RHIP is located in the Harweel cluster of small fields in PDO’s giant Block 6 concession, which came online in mid-2012.

This award comes as the country is shifting its focus to smaller, more challenging fields that it hopes could hold the key to offsetting the decline in oil output from its more mature fields. (CONTINUED - 379 WORDS)