Petrofac has secured a contract valued at over US$100 million with Zallaf Libya Oil & Gas Exploration and Production Company, to deliver their Erawin Field Development Project Phase 1 Early Production Facilities.
The Engineering, Procurement, Construction and Commissioning (EPCC) scope of work encompasses surface equipment, including well pads and flowlines at the Erawin oil field, located in southwest Libya. It also includes a pipeline to transport crude oil around 100 kilometres to the El Sharara oil field and a control room, substation and telecom system located there.
Libya holds some of the largest oil reserves in Africa. Zallaf was established in 2013 to develop fields that have been discovered and appraised but not yet produced. It is a 100% subsidiary of the National Oil Company. In addition to this latest contract award, Petrofac is also currently providing Front-End Engineering Design (FEED) and conceptualisation studies, both upstream and downstream, for a number of clients in-country, with wider opportunities to position for EPC delivery.
Elie Lahoud, Chief Operating Officer - Engineering & Construction, commented: "Libya is positioning itself to become a major oil and gas producer again and we're looking forward to helping the National Oil Company achieve its goals, develop key infrastructure safely and securely, and increase production. Petrofac has been delivering complex projects, engineering services and training local workforces in North Africa for over 20 years now. This latest award builds on our strength of engineering and construction capability and track record of effective delivery."
Current Share Price is at 109.33p, up 5.51p from when I tipped it. Keep holding.
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