fetching latest news
News tagged in:
Ithaca Energy has awarded a five-year integrated services contract to oilfield services provider Petrofac. According to the contract, Petrofac will integrate operations, as well as provide maintenance, engineering and construction services for Ithaca’s North Sea assets. Petrofac will also provide onshore and offshore technical support across all of the Ithaca’s North Sea operated asset base. Ithaca Energy has working interests in 18 offshore producing fields in the UK North Sea.
Oilfield services firm, Petrofac reported revenues of $2.1bn in the first half, 25.5% below the same period last year. The earnings report reflects project delays caused by COVID-19 and lower oil & gas prices. The underlying profits after tax fell 86.4% to $21m, despite Petrofac's significant cost savings efforts during the year. The total order book shrunk from $7.4bn at the start of the year to $6.2bn towards the end of first half.
UK development and production company, Independent Oil & Gas has awarded the core project phase one well management contract to Petrofac. The AIM-traded firm said the award followed a competitive tendering process, and the approval last month of the phase one field development plan by the UK Oil and Gas Authority (OGA). The contract scope covered planning, execution and close-out phases of the phase one drilling programme.
Basra Oil Co. has extended Petrofac’s Engineering & Production Services division’s contract for the offshore Iraq Crude Oil Export Expansion Project by six months. Petrofac has worked with BOC for seven-and-a-half years as operations and maintenance service provider, helping to raise daily crude exports beyond 2 MMbbl. The terminal, which handles around 50% of Iraq’s crude oil exports, is 60 km (37 mi) offshore the Al Fao peninsula, southern Iraq.
BP has extended Petrofac’s inspection and maintenance contract for its North Sea facilities for a further three years. The award is in addition to a new four-year metering contract that covers offshore and onshore consulting and support. Last year the two parties collaborated to demonstrate new execution techniques. Petrofac combined the use of Digital Twin technology, Connected Worker and its proprietary software BuildME to digitalize all campaign maintenance and inspection.
UAE state-run ADNOC has canceled two contracts awarded to the oilfield service provider, Petrofac valued at $1.5bn. The contract awarded only two months ago required Petrofac to carry out work on the Dalma Gas Development project offshore Abu Dhabi. The development operated and 60% owned by ADNOC, where Eni, Wintershall and OMV are partners.
Oilfield services provider, Petrofac yesterday informed about securing two contracts worth ~$1.65 billion from state-run ADNOC for the Dalma gas development project in the UAE. The first package of the contract, priced at $1.07 billion, pertains to developing gas processing facilities at Arzanah island. The second tranche is estimated to be worth $591 million. The contract award comes as the UAE looks to achieve gas self-sufficiency.
Oil supermajor, BP has awarded the project management services contract for its operations in Azerbaijan and Georgia to the SOCAR-Petrofac joint venture. The three-year contract requires the JV to provide support for both onshore and offshore activity across BP operated projects in the Caspian Sea area including Azeri-Chirag-Gunashli (ACG), Shah Deniz, Baku-Tbilisi-Ceyhan (BTC), South Caucasus Pipeline (SCP) and Western Route Export Pipeline (WREP).
Oilfield services giants, Halliburton and Petrofac have become the new members of the drilling exploration pact previously between Seapulse and Maersk Drilling. Under the pact, the quartet will carry out work on a “global wells programme”. The alliance will see Petrofac providing well management services, and Halliburton will deliver integrated well services. Maersk Drilling will offer drilling services and subcontracts.
Oilfield services giant, Petrofac has secured a major contract extension to continue supporting the operations of Repsol-Sinopec Resources UK Limited’s in the North Sea. The Jersey-based firm will continue as a tier 1 contractor for brownfield modifications and projects for Repsol-Sinopec Resources’ operated assets and terminal at Flotta. Petrofac provides engineering support services for the Flotta asset.
Oilfield services major, Petrofac’s joint venture Azerbaijani state-run firm, SOCAR has won an Engineering and Technical Services contract in Azerbaijan. The contract will require Petrofac-SOCAR JV to support activities in the Absheron natural gas field, located in the Caspian Sea. French supermajor, Total and SOCAR own 50% stakes each in the Absheron field.
Petrofac has been awarded a £60 million procurement services contract by Petroleum Development Oman. This contract is a part of a framework agreement signed by Petrofac in 2017. Regional Manager of the company said, "The procurement and management activities for this project will be undertaken from Petrofac’s Muscat office from where we provide first-class expertise in high-value order management".
Oilfield services giant, Petrofac has informed about receiving contract extension from Total. Petrofac will continue to provide Operations and Maintenance (O&M) support to Total’s Alwyn and Dunbar platforms for the next 12 months. Apart from the renewal deal with Total, Petrofac also secured a 12-month extension contract with an unidentified firm operating in the CNS. Both the deals will fetch Petrofac a total of £25 million in revenue.
Oilfield services firm, Petrofac has secured a £12.2m contract from Tullow Oil for the Thames decommissioning project. Petrofac will deliver plugging and abandoning services for three subsea wells on the project, which will also include planning, management of sub-contractors and provision of a jack-up rig. The Thames platform is positioned around 44 miles north-east of the closest landfall of Winterton-on-Sea on the eastern coast of England.
British energy services firm, Petrofac has secured a £750 million contract award for the Ain Tsila project in Algeria. Under the terms of the contract, Petrofac will provide engineering, procurement and construction services for the Groupement Isarene-operated project. The project will produce gas, LPG and condensate for the domestic market and for export. Groupement Isarene is a joint venture between Sonatrach, Petroceltic, and Enel.
Oilfield services giant, Petrofac has awarded Oceaneering International an inspection enactment services contract in the North Sea. Under the scope of this contract, Oceaneering will provide inspection management, shutdown and project support for Petrofac. Oceaneering’s asset integrity team will carry out the contract work from Aberdeen. The contract award will expand Oceaneering’s asset integrity portfolio within the UKCS.
US oilfield service provider, Petrofac has secured a $115 million contract for the development of the Qarn Alam Co-Generation Project in Oman. The project will require Petrofac to install and commission a Gas Turbine Generator Package with one Heat Recovery Steam Generator at the power plant. The plant is intended to support oil extraction in Oman’s central region. The 36 month-long project will be managed from Petrofac’s Muscat office.
Ithaca Energy has concluded its planned stakes acquisitions in the Greater Stella Area from Petrofac and Dyas. The £228 million worth of transaction will gain Ithaca the ownership of Petrofac’s 20% stakes in the central North Sea production hub. Petrofac will also sell its 24.8% interest in the FPF1 floating production facility to Ithaca. Apart from Petrofac, Aberdeen-based Ithaca also acquired 25% stakes of Dyas UK.