Oil and gas services provider Petrofac Ltd. (POFCF.PK,POFCY.PK,PFC.L) said that Petrofac Emirates, its joint venture with Mubadala Petroleum, has been granted an onshore engineering, procurement and construction or EPC contract by Abu Dhabi Company for Onshore Oil Operations or ADCO for the Bab Habshan-1 project development. The contract, valued at $187 million, was awarded following a competitive tender.
The project has an expected duration of 20 months, including the provision of water injection clusters, oil production wells, water injection wells, associated electrical and instrumentation facilities, pipelines, overhead power transmission lines and modifications at remote degassing stations.
According to Subramanian Sarma, Managing Director of Petrofac's Onshore Engineering & Construction business, "This project builds on the work that we are engaged in for ADCO on the large Asab development, and further deepens our relationship with an important customer. The award follows a competitive tender process and underlines the ongoing strength of Petrofac's competitive position in the Middle East."
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.