Oil & gas service provider Petrofac has been awarded an engineering, procurement and construction (EPC) contract by Gazprom Neft for the first phase of the Badra Oilfield Development Project in Iraq.
The $330m lump-sum contract will see Petrofac provide detailed design, construction, commissioning and start-up work on the Badra development's central processing facility, which comprises three crude oil processing trains.
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The competitively tendered project will commence shortly and be completed in three 18-month phases, with final completion scheduled during the second half of 2015.
Marwan Chedid, a divisional Chief Executive, said that "this is Petrofac's third notable project award in Iraq and also marks our first lump-sum EPC project in the country.
"Iraq represents a sizeable market opportunity for Petrofac and our Basra office is continuing to expand as we develop our presence in the country."
The share price rose 0.44% 1,597.00p by 13:02.
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