International oil services company Petrofac has secured a USD 680 million facilities upgrade contract with Kuwait Oil Company (KOC) aimed at upgrading the performance of the facilities and increasing the company’s oil production.
The two-year contract will be executed through Petrofac’s Engineering & Construction Division from its base in Sharjah and project office in Kuwait.
Under the contract Petrofac is tasked with modernising facilities in nine separate locations including seven oil gathering centres and two booster stations.
This is the latest award in a series of recent projects that Petrofac has successfully delivered for KOC, which include an upgrade to the state-owned company’s Gathering Centre 23 and replacement of the North Kuwait crude oil export system.
The project, which is critical to KOC’s future operations and the country’s plans to increase production capacity, is scheduled for completion in 2007.
Commenting on the award, Maroun Semaan (CEO, Petrofac Engineering & Construction) said, “We look forward to working again with KOC on such a prestigious project, the importance of which cannot be overemphasised as it deals with safety and operational improvements, in addition to capacity expansion of several key oil and gas facilities and installations.”