Monday, Jan 26, 2009
DUBAI (Zawya Dow Jones)--Petrofac PLC (PFC.LN), the London-listed oil and gas services company, said Sunday it won a $2.3 billion contract to help develop the onshore Asab oil field in Abu Dhabi.
Under the 44-month contract, awarded by Abu Dhabi Co. for Onshore Oil Operations, or Adco, Petrofac will provide engineering, procurement and construction, or EPC, services to upgrade the field's production capacity, the company said in a statement on its Web site.
Petrofac will also boost capacity at related oil facilities to handle increased production from other oil fields including Sahil, Shah and other southeast fields in Abu Dhabi, and upgrade associated utilities and water handling facilities, the company said.
Abu Dhabi holds almost all the crude oil reserves in the United Arab Emirates.
Petrofac didn't say how many barrels of crude would be produced once the field development has been completed.
The Asab oil field contract is part of plans at Adco, a subsidiary of Abu Dhabi National Oil Co., or Adnoc, to raise output to 1.8 million barrels a day of crude, the company said.
"This contract represents one of Petrofac's most important project awards to date and is a significant achievement for our engineering and construction business," Ayman Asfari, Petrofac's group chief executive, said.
-By Oliver Klaus, Dow Jones Newswires, +9714 364 4962 Oliver.Klaus@dowjones.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
26-01-09 0514GMT
