London-based oilfield services provider Petrofac has signed a $369 million contract with Iraq to build a new crude-processing facility in Majnoon oilfield.
Under the deal terms, work to build the new facility, which has a capacity to produce 200,000 barrels per day (bpd), should be completed in 34 months.
Once the new oil facility is operational, Majnoon’s production will rise to around 450,000 bpd.
In June, Royal Dutch Shell exited the Majnoon oilfield in southern Iraq and handed over its operations to the Iraqi state-run peer Basra Oil.