Iraq, Petrofac Sign $369 M Agreement for Crude Processing Plant

Iraq, Petrofac Sign $369 M Agreement for Crude Processing Plant

Iraq has signed a deal with Petrofac worth $369 million for the construction of a new crude-processing plant in the giant Majnoon oilfield, Reuters reported.

The plant, expected to have a capacity of 200,000 barrels per day (b/d), should be completed in 34 months, Ihsan Abdul Jabbar, head of the state-run Basra Oil Company, said.

The Majnoon field is currently producing 230,000 b/d, which is slated to rise to 450,000 b/d by the time the plant is operational.

Iraq is also planning to offer a new service tender for the drilling of 80 new wells in the oilfield, as a part of a development project to boost Majnoon’s production levels.

Shell pulled out of its operations in the Majnoon field in June and handed its stake over to the Basra Oil Company.

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