Petroceltic Ain Tsila Ltd. awards $1bn EPC contract to Petrofac
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Petroceltic Ain Tsila Ltd. awards $1bn EPC contract to Petrofac Petroceltic announces the award of the $1BN engineering, procurement and construction (EPC) contract to Petrofac to develop the Ain Tsila gas condensate field in Algeria
Petroceltic Ain Tsila Ltd (“Petroceltic or the Company”) is pleased to announce that Groupment Isarene, the joint operating company set up by Sonatrach, Petroceltic and Enel, has awarded the engineering, procurement and construction (EPC) contract for a gas processing facility at its Ain Tsila project to Petrofac International (UAE) LLC (“Petrofac”) on a lump-sum turn key basis. Petrofac is a leading international service provider to the oil and gas production and processing industry. The contract, whose value is approximately $1bn, is expected to be completed within 42 months. The lump-sum engineering, procurement and construction project scope of work includes commissioning, start-up and performance testing of the processing facilities, gathering system and export lines. Located in eastern Algeria, around 1,100 kilometres south-east of Algiers, the Ain Tsila field will produce gas, LPG and Condensate, for the local Algerian market and for export. The Company will continue to work closely with all local stakeholders including its primary partner, state-owned energy company Sonatrach, to optimise the development of this large world-class reserve base. Production of natural gas and condensates is expected to begin in 2022. With its lean operating model, Petroceltic continues to achieve significant success through its collaborative approach, working closely with governments, local partners and financial stakeholders to help deliver energy security in a number of European and emerging market territories. Commenting on the awarding of the EPC contract Angelo Moskov Chairman of Petroceltic and Worldview Capital Management said: “We are delighted that the EPC contract has been awarded. It represents a significant milestone in the development of the Ain Tsila project which remains a crown jewel amongst North Africa’s hydrocarbon assets. Our strategy is to develop these resources rapidly, making Ain Tsila one of the largest gas production fields to come online in North Africa in recent times. The project has the potential to produce large quantities of gas for the local and overseas markets and will be a very important resource for European energy security in the future. We look forward to working closely with all partners in realising this goal and unlocking value for all stakeholders.” Petroceltic (enquiries via Hudson Sandler) Tel: +44 (0)20 7796 4133 Hudson Sandler PR Advisers to Petroceltic Charlie Jack Emily Dillon Tel: +44 (0)20 7796 4133