New York: Petrofac Ltd, the oilfield services and engineering provider whose shares have risen 50 per cent in the past year, is helping Royal Dutch Shell Plc to expand production from Iraq's Majnoon oil field.
Petrofac and Exterran Holdings Inc. started cutting steel in the UAE in August to supply equipment for Majnoon, according to Nasser Al Bader, a project manager for Maj-noon's first commercial production. Output from the field is expected to rise to 175,000 barrels a day in August 2012 from 45,000 barrels now, according to Shell.
"There is a lot of credit to go to the contractors," Al Bader said in Shell's video posted on the web. "We've started, we are trying to manage the concerns and the challenges that we are facing in Iraq, but things are moving pretty fast."
Plan to boost production
Shell, Petroliam Nasional Bhd, Iraq's South Oil Co and Missan Oil Co plan to boost production to 1.8 million barrels a day. Halliburton Co, Nabors Industries Inc. and Iraq Drilling Co also plan to work at the Majnoon project and are awaiting approval from the Iraqi authorities, Halliburton said on August 18.
Shell and its partners "have issued an award recommendation to Petrofac for the expansion of the Majnoon production facilities," Kirsten Smart, a spokeswoman for The Hague-based company, said on Thursday.
