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Petrofac secures two contracts worth around $100m for work in India

© PetrofacPetrofac

Petrofac (LON: PFC) has landed two contracts with India’s largest private oil and gas exploration company.

With a combined value of around $100 million (£74m), the deals with Cairn Oil & Gas, include the energy services provider’s first significant operations and maintenance (O&M) contract in India.

Petrofac will carry out work at the Ravva oil and gas field in the Krishna Godavari Basin, in coastal Andhra Pradesh.

The contract will run for four-years initially, with an option to extend by a further year.

The scope of work includes full O&M of the facility, including offshore platforms, subsea pipelines and the onshore processing terminal.

Cairn, a vertical of Vedanta Limited, has also selected Petrofac to undertake a lump-sum engineering, procurement, and construction (EPC) project to support the provision of well hook‐up and surface facilities for the Raageshwari Deep Gas (RDG) Field, in Barmer, Rajasthan.

Executed on a fast-track basis, the main scope of work includes bringing online additional wells, augmentation and modifications to handling and treatment facilities including electrical, instrument control, and safety and protection systems.

It follows a previous lump-sum EPC contract, valued at approximately $233m (£172m), which Cairn awarded to Petrofac in April 2018 for its RDG Field Development Project.

The work was successfully completed in June.

Nick Shorten, chief operating officer for Petrofac’s asset solutions business, said: “The award of these contracts both deepens our footprint in India and supports the geographical growth of our Asset Solutions business, as it leverages more than 25 years of operations and maintenance expertise in India for the first time.

“We look forward to supporting Cairn through the safe and high-quality execution of these latest scopes which, in line with our local delivery model, will be supported by our world class engineering centres in Chennai and Mumbai.”

Prachur Sah, deputy chief executive officer, Cairn Oil & Gas, Vedanta Ltd, added: “Petrofac has earned a global reputation for its engineering excellence in execution of projects for the upstream oil and gas sector. Cairn’s association with Petrofac furthers our long-term vision of optimisation of asset operations and achieving profitability.

“We are confident that this partnership will further strengthen our execution and operational excellence, enabling us to actualise our vision of adding 500 kboepd and doubling domestic crude production capacities.”

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