Petrofac, DSME Clinch $3.7 Billion Upper Zakum Field Contract

Petrofac has announced that Petrofac Emirates, its Joint Venture with Mubadala Petroleum, has been awarded a contract by Zakum Development Company (ZADCO) for the Upper Zakum, UZ750 field development in Abu Dhabi.

The contract is worth approximately US$3.7 billion and has been secured by Petrofac Emirates in consortium with Daewoo Shipbuilding & Marine Engineering Co Ltd (DSME). Petrofac Emirates’ share of the contract is valued at US$2.9 billion.

ZADCO is an Abu Dhabi National Oil Company subsidiary in which ExxonMobil and Japan Oil Development Company are other Shareholders.

Subramanian Sarma, Managing Director of Petrofac’s Onshore Engineering & Construction (OEC) business, commented: “I am delighted that Petrofac has been selected to deliver this landmark project for the Upper Zakum development in Abu Dhabi. Through Petrofac Emirates we continue to show our commitment to supporting the oil & gas industry in Abu Dhabi and this project builds on the substantial work we have underway in the UAE. We look forward to developing our relationship with ZADCO through the successful delivery of this strategically important project.”

The project comprises engineering, procurement, construction transportation and commissioning of island surface facilities (EPC-2) on four artificial islands. Specifically, this will include wellhead control, manifolds, crude oil process facilities, water injection and gas lift, oil export pumps, power generation and associated utilities. These facilities will commence operations during 2016.

 April 11, 2013

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