Petrofac lands contract with Kuwait Oil Company

10th Jul 2014 09:01

Oil and gas services provider Petrofac has been contracted to deliver a project worth around $700m from Kuwait Oil Company (KOC) for the engineering, construction, and commissioning of its gathering centre 29 (GC29) over a three-year period.GC29 is being constructed to support KOC's plans to increase and maintain oil production over the next five years. Each of the three gathering centres will be capable of producing around 100,000 barrels of oil per day together with associated water and gas. Subramanian Sarma, the Managing Director of Petrofac's Onshore Engineering & Construction business, said: "We have a long track record with KOC which extends over the last 14 years and the award of GC29 represents our 10th project in the country to date. "With ongoing projects for both KOC and Kuwait National Petroleum Company and good visibility of the future pipeline, Kuwait is, and will continue to be, of strategic importance to Petrofac's ambitions in the Middle East market."Shares declined 1.27% to 1,165p by 08:28.NR