LNG

Petrofac, the London-based oil and gas services company, said it would be reimbursed by Abu Dhabi National Oil Company for all costs incurred after the cancellation of two contracts worth US$1.5 billion for the Dalma natural gas project.

Petrofac, the London-based oil and gas services company, said it received a notice of termination from LNG exporter Abu Dhabi National Oil Company (ADNOC) in the United Arab Emirates for two natural gas contracts worth $1.65 million.

Petrofac, the London-based oil and gas services company, said it was  awarded two contracts, together worth around $1.65 billion with Abu Dhabi National Oil Company (Adnoc) in the United Arab Emirates.

LNG and energy engineers Petrofac and TechnipFMC have been awarded separate large contracts to boost China’s energy supplies from the Liuhua oil and gas fields located near the Pearl River Basin, about 300 kilometres southeast of Hong Kong.

Petrofac of the UK was awarded a contract worth around $800 million by energy major BP to deliver a second-phase central processing plant as part of the phase two Ghazeer natural gas development in Oman’s Khazzan field that has helped the Sultanate in the Arabian Peninsula revive its LNG production and export plans.

Feb 22 (LNGJ) - Petrofac, the London-based oil and gas services company with global operations, has delivered positive results for 2016, driven by record revenues, significant cost reduction and strong cash generation. “In a busy year, the Group has also demonstrated its track record for operational delivery with more than 240 million man-hours worked across the portfolio,” said Ayman Asfari, Petrofac Chief Executive. “Whilst the market remains competitive, bidding activity has increased in recent months. We have right-sized our business, have a good pipeline of opportunities across our core markets and remain cost competitive, as evidenced by recent bidding success,” the company said.