The hidden oil giant: British Petrofac awarded $970 million oil contract in Algeria
UK-based oil and gas services group Petrofac, which slashed its 2014 profit forecast by 11 percent this month, said on Friday it was awarded a contract worth $970 million in Algeria.
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