Petrofac nets more work on Iraq’s crude oil export project

Business & Finance

Oilfield services provider Petrofac has secured a contract worth $75 million from the national Iraqi company South Oil Company (SOC) for its Iraq Crude Oil Export Expansion Project (ICOEEP).

Petrofac said on Wednesday that the contract is for one year, with a one-year option. The company was first awarded the contract to provide offshore operations and maintenance for the project in 2012.

Under the new agreement, Petrofac will continue to facilitate a substantial proportion of Iraq’s oil export which is generated from the facility located 60km offshore the Al Fao Peninsula in Southern Iraq.

The company’s principal role is to provide operations and maintenance services for the export facilities, comprising the central metering and maintenance platform and four single point moorings (SPMs), and the loading of the tankers for onward transportation.

Mani Rajapathy, Managing Director, Engineering & Production Services East, said: “Over the last four years we’ve achieved some significant milestones on this project, including the export of more than 1.5 billion barrels of oil.”

The ICOEEP was developed by the Iraqi government with the aim of increasing the export capacity of the country’s existing offshore facilities, from 1.8 million metric barrels per day (mmbpd) to 4.5 mmbpd, within five years.

Phase 1 of the Iraq Crude Oil Export Expansion Project doubled exports from the southern ports by adding 1.8 million barrels per day of export by exporting crude oil through two new 48” pipelines installed from Al Fao to the offshore site through two SPMs.

Phase 2, which was completed in 2014, added two more SPMs and a new central manifold and meeting platform thus adding the same amount again.

Offshore Energy Today Staff