🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Petrofac wins $800 million BP contract for Khazzan gas field in Oman

Published 12/12/2017, 16:39
Updated 12/12/2017, 16:40
© Reuters. Logo of BP is seen at a petrol station in Kloten
BP
-
PFC
-
FTMC
-

(Reuters) - British oilfield services company Petrofac (LON:PFC) Ltd said BP (LON:BP) had awarded it a contract worth around $800 million (£600.7 million) for the second planned phase of the Khazzan gas field in Oman.

The contract involves work to help drive an increase in total production capacity from the central processing facility to 1,500 mmscfd (million standard cubic feet per day), Petrofac said.

Petrofac also worked on a $1.4 billion project for the first phase at the Khazzan project.

BP said in September it had begun production at the Khazzan gas field, the sixth and largest of seven new upstream projects that were due to start for the British oil giant this year.

The oil major said then that about 300 wells were expected to be drilled over the lifetime of the Khazzan field, adding that the two planned phases would develop an estimated 10.5 trillion cubic feet of recoverable gas resources.

"The successful start of production from Khazzan Phase 1 was a major milestone for BP in 2017. We are now building on this, deepening our partnership with the Sultanate of Oman...," said Bernard Looney, CEO Upstream at BP.

BP, which has had an upstream presence in Oman since 2007, is lead partner in the project with a 60 percent interest. Oman Oil Company Exploration & Production holds 40 percent.

© Reuters. Logo of BP is seen at a petrol station in Kloten

Petrofac's shares were up 3.7 percent at 451 pence at 1544 pence, making it the top gainer on the FTSE Midcap Index

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.