Petrofac Secures USD1 Billion Project Development Contract In Algeria

Petrofac Ltd on Wednesday said it has been awarded a contract, worth USD1 billion, with Groupment Isarene for the Ain Tsila development project in Algeria.

Groupment Isarene is the joint operating company set up by Algerian government-owned exploration company Sonatrach, oil & gas firm Petroceltic and Italian energy company Enel.

The oilfield services company said the Ain Tsila field is expected to produce gas and condensate for the local Algerian market and for export.

Under the terms of the 42-month contract, the lump-sum engineering, procurement and construction project scope of work includes commissioning, start-up and performance testing.

"This award builds on Petrofac's significant track record in Algeria where we have been operating successfully for more than 20 years, with a strong record for project execution and the development of local capability," said Petrofac Managing Director Sathyanarayanan.

"We are focused on delivering an effective, safe solution that meets our high standards and continues our commitment to the local energy sector," added Sathyanarayanan.

Petrofac shares were trading 3.6% higher on Wednesday at 482.15 pence each.

Source: lse.co.uk