Petrofac in $3.7bn Abu Dhabi deal

British oil and gas group Petrofac said on Thursday that its Petrofac Emirates joint venture firm has won a $3.7-billion (2.8-billion-euro) contract to develop a key field in Abu Dhabi.

"Petrofac is pleased to announce that Petrofac Emirates, its joint venture with Mubadala Petroleum, has been awarded a contract by Zakum Development Company for the Upper Zakum, UZ750 field development in Abu Dhabi," said a statement from the London-listed firm.

"The contract is worth approximately $3.7 billion and has been secured by Petrofac Emirates in consortium with Daewoo Shipbuilding & Marine Engineering Co Ltd."

The group added that Petrofac Emirates' share of the contract was valued at $2.9 billion.

 

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