petrofac exits

Dont know why this hasnt been announced...



Source:http://www.thefreelibrary.com/Australia+:+Petrofac+Exits+Australia+Gas+Project+on+Huge+Costs.-a0210328655
(also google-able)

Petrofac Ltd., a U.K. oil-services provider, said its exit from a natural-gas project off northern Australia
was a result of huge exploration costs.

Gas from the development is not going to be monetized any time soon, Petrofac Chief Executive Officer Ayman Asfari said today in an interview in London. You have to find a lot more gas and it requires a huge amount of investment.

Petrofac yesterday withdrew its 10 percent interest in MEO Australia Ltd. s

NT/P68 project, the Australian company said in a statement. MEO will regain 100 percent of the license, it said.

Separately, Petrofac is dropping a bid to upgrade the Ruwais oil refinery in Abu Dhabi. We just don t see that we will be competitive enough, Asfari said.

Abu Dhabi Oil Refinery Co., the state-run company known as Takreer, plans to double output at the refinery from the current 400,000 barrels a day. It s set to award contracts for the expansion by the end of the year, the company said in March.

Petrofac is bidding for a contract for work on Saudi Arabia s
Jubail oil refinery and plans to bid for a project at the Mina al-Ahmadi refinery in Kuwait, Asfari said.

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