IBBC Member Petrofac signed a $369 million contract on Monday 13 August to build a modern crude-processing facility at the Majnoon oilfield in southern Iraq.

The project is estimated to take around 34 months to complete. Once the new oil facility is operational, Majnoon’s production will rise to around 450,000 barrels per day (bpd). The field is now producing around 230,000 bpd.

Authorities intend to invite service companies soon to compete for a tender to drill 80 new oil wells in Majnoon as part of a development plan to increase output from the field.

Petrofac has been in Iraq since 2010, and have been involved in a range of greenfield and brownfield projects in the country worth more than US$1 billion. Petrofac works hard to involve local communities in the benefit of their work in Iraq as well as developing skills and competency amongst the local workforce.

(Source: Petrofac)