Britain’s Petrofac has signed a $75 million contract from South Oil Company (SOC) for its Iraq Crude Oil Export Expansion Project (ICOEEP), the firm said on Wednesday.
Under the one-year contract and with a one-year option, the incumbent gas company Petrofac will continue to facilitate a substantial proportion of Iraq’s oil export which is generated from the facility located 60 km offshore the Al Fao Peninsula in Southern Iraq.
Petrofac will provide operations and maintenance services for the export facilities, comprising the central metering and maintenance platform and four Single Point Moorings, and the loading of the tankers for onward transportation, it said in a statement.
“Over the last four years we’ve achieved some significant milestones on this project, including the export of more than 1.5 billion barrels of oil,” said Mani Rajapathy, managing director for engineering and production services. “Earlier this year the teams celebrated achieving five million man-hours worked without a lost time incident which is testament to the safety culture that has been created on the project.”