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Britain's Petrofac lands Iraqi oil contract

Aug. 27, 2013 at 8:26 AM   |   Comments

LONDON, Aug. 27 (UPI) -- British energy company Petrofac said Tuesday it secured a contract from its Russian counterparts to work in the Badra oil field in Iraq.

Gazprom Neft, the oil division of energy monopoly Gazprom, leads a consortium along with KoGas from South Korea, Petronas from Malaysia and Turkey's TPAO at Badra.

Gazprom Neft under the terms of a 2009 agreement with the Iraqis will develop the Badra field in Wasit province for the next 20 years. Total capacity could reach 170,000 barrels per day.

Petrofrac said it secured a contract by Gazprom Neft for engineering and construction work at the Badra oil field. The three-year contract was valued at approximately $95 million.

"Iraq is a key geography for us and this award reflects our ability to provide quality maintenance and engineering services on technically and logistically challenging projects in the region," Petrofac Managing Director Bill Dunnett said in a statement Tuesday.

The Organization of Petroleum Exporting Counties said in its August market report Iraq as a whole produced approximately 2.8 million barrels of oil per day last month, a 1.7 percent decline from June.

Petrofac secured its first contract for work in Iraq in 2010.

Topics: Gazprom Neft
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