The project is for a national oil company in the GCC
The UK’s Petrofac has signed a binding letter of intent for a contract worth about $580m with a national oil company in the GCC.
Petrofac said in a statement that the engineering, procurement and construction (EPC) contract is for a major project and the specific details of the scheme remain confidential.
Petrofac has submitted bids for four EPC deals with Abu Dhabi National Oil Company (Adnoc) in the UAE, according to regional projects tracker MEED Projects. The estimated budget of the Qusahwira Field Development Phase II is about $550m – which is similar to the value of the contract that Petrofac has signed a letter of intent for. The other three contracts have estimated values below $300m.
Petrofac is also competing for work on in Oman for a storage terminal being developed by Oman Tank Terminal Company (OTTCO).
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