Petrofac, a London-listed oil services firm with operations in Abu Dhabi and Sharjah, has increased its ties with Oman to support major oil and gas projects.
The company said yesterday it signed a 10-year framework agreement, including a five-year possible extension, with Oman’s national oil company, Petroleum Development Oman (PDO), for the provision of engineering, procurement and construction management support services. The company did not disclose the value of the contract.
"Our priority will be to deliver quality oil and gas facilities that are technically robust with an absolute focus on safety and in-country value," said Craig Muir, Petrofac’s E&P managing director.
The agreement is an extension of a three-year programme, which includes a US$12 billion contract for the Rahab Harweel integrated project awarded in 2014 to help Oman increase gas production for power generation and petroleum products. The oil services firm also has a $900 million contract for the Yibal Khuff project, which will boost PDO’s future oil production and use the associated gas for power generation and enhanced oil recovery developments.
Raoul Restucci, PDO’s managing director, said that the company believed that the value already created would help extend into the next phase of its partnership with Petrofac.
PDO announced last month that its daily oil production last year was the highest in more than a decade at more than 600,000 barrels per day. Combined with gas and condensate production, the company set a new record of 1.29 million barrels of oil equivalent per day last year.
Project activity, including contracts in Oman, lifted Petrofac’s earnings last year. The company earlier this year said it swung to a $1m net profit compared to a loss of $349m in 2015. Petrofac said that it was looking for more downstream investment opportunities such as creating a joint venture with a petrochemical company to increase its offerings.
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MATCH INFO
Pakistan 106-8 (20 ovs)
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Australia 109-0 (11.5 ovs)
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
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Background: Chemical Weapons
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Killing of Qassem Suleimani
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