Petrofac Iraq Contract

London-listed oil services company Petrofac has snagged a major contract to support the BP-operated Rumaila oil field development in Iraq. The contract, potentially worth $500mn, is the largest to be awarded in Iraq since June, when Islamist fighters seized a large chunk of the country.

Petrofac, which runs its operations from the UAE, says the contract covers the provision of general construction management services to BP, which operates the 1.4mn b/d Rumaila field, Iraq’s largest producer, in partnership with China’s CNPC and Iraqi state-owned South Oil.

Petrofac will provide management and personnel to manage brownfield modifications at Rumaila, assisting BP and its partners in safely hiking production from what is one of the world’s largest fields, it says. The contract, which runs for three years, with an option for further extension of two years, has a potential value of up to $500mn. (CONTINUED - 385 WORDS)