Petrofac wins £750m Algeria gas field contract

18th Jan 2011 12:16

Oil services group Petrofac's shares moved ahead after it said it has been awarded a $1.2bn (£750m) contract to help develop gas fields in Algeria.The work was awarded by In Salah Gas, an association comprising BP, the Algerian state-owned company Sonatrach and Norway's Statoil.Petrofac will be involved in building a new production and gas gathering facility and other activities. The project is expected to take 50 months."The southern fields is our sixth EPC (engineering, procurement and construction) project in Algeria and further demonstrates our commitment to supporting the country's developments in the energy sector," said Petrofac chief executive Maroun Semaan. "We have recently completed a similar project in the region for the same customer with success, and believe this new award reflects our dedication to this strategically important market where we maintain excellent relationships with both our customers and local construction partners."