Petrofac wins $160M deal for work on Iraq’s crude oil export project

Business & Finance

Oilfield services provider Petrofac has secured an award worth $160 million from Basra Oil Company (BOC), previously known as South Oil Company, for its Iraq Crude Oil Export Expansion Project (ICOEEP). 

The contract was awarded to Petrofac’s Engineering & Production Services (EPS) division, the company said on Wednesday.

The new two-year extension follows Petrofac’s five-year track record as the incumbent operations and maintenance service provider. Petrofac’s previous, one-year deal with BOC was awarded last December.

The facility, which is responsible for a significant proportion of Iraq’s oil export, is located 60 kilometers offshore the Al Fao Peninsula in Southern Iraq. It comprises a central metering and manifold platform and four single point moorings which facilitate oil export onto awaiting crude carrier tankers. In addition, Petrofac is responsible for almost 300 km of subsea pipelines,1800 meters of subsea hose infrastructure and a marine spread comprising 14 vessels.

Mani Rajapathy, Managing Director, Engineering & Production Services East, said: “Since the start of our involvement in 2012, we have exported more than 2.2 billion barrels of oil while retaining an impeccable safety record.”

Ihsan Ismaael, Director General, Basra Oil Company, said: “Petrofac is a key partner for BOC. The team has supported us over the last five years to significantly increase export from the ICOEEP facility and we look forward to continuing our relationship into 2019.”