Petrofac nets $700m Kuwait work

Petrofac has scooped a $700 million contract from Kuwait Oil Company (KOC) to build an oil gathering centre north of the capital, Kuwait City.

The contractor giant won the engineering, procurement, construction, pre-commissioning and commissioning deal for gathering centre 29 (GC29).

The facility is one of three being built by KOC over the next five years to increase and maintain oil production.

Each facility will be capable of producing around 100,000 barrels of oil per day, together with associated water and gas.

Petrofac will take about three years to finish its contract.

GC29 will be located around 70 kilometres north of Kuwait City.

Investment analyst Edison said in a note on Thursday: "This contract comes on the back of a succession of contract wins for Petrofac this year, and a record year for order intake last year, and is extremely encouraging.

"As much as $40 billion of lump sum work will be available for bidding by international oil service companies in Kuwait this year."

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