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Petrofac bags $1B contract to develop Algerian oil, gas field

Oil and gas services provider Petrofac Ltd. said March 13 that it was awarded an engineering, procurement and construction contract by Groupment Isarene for the Ain Tsila development project in Algeria.

The 42-month contract, worth about $1 billion, includes commissioning, start-up and performance testing.

The field will produce gas, LPG and condensate for the local Algerian market and exports.

Groupment Isarene is composed of Algeria's Sonatrach Spa, the U.K.'s Petroceltic Holdings Ltd. and Enel.