Petrofac wins $970m Algeria contract
Petrofac has recently slashed its profit forecast by 11%
Oilfield service company Petrofac has announced that it has won a $970 million contract for work in Algeria, according to Reuters. The company had recently slashed its 2014 profit forecast by 11%.
Petrofac said the contract was for gas gathering, treatment and development of an export pipeline at the Reggane North Development project in the Reggane basin of the Sahara desert, 1,500 km (930 miles) southwest of Algiers.
The company said the contract was awarded by Groupement Reggane, a partnership between Algerian state-owned company Sonatrach, with a 40 percent stake; Spain's Repsol SA, with 29.25 percent; Germany's RWE Dea AG, with 19.5 percent; and Edison of Italy, with 11.25 percent.
The project will bring on stream 26 wells from four fields in the Reggane basin, the company said.