May 16 Oil and gas services group Petrofac Ltd
, which slashed its 2014 profit forecast by 11 percent
this month, said on Friday it was awarded an contract worth $970
million in Algeria.
Petrofac said the contract was for gas gathering, treatment
and development of an export pipeline at the Reggane North
Development project in the Reggane basin of the Sahara desert,
1,500 km (930 miles) southwest of Algiers.
The company said the contract was awarded by Groupement
Reggane, a partnership between Algerian state-owned company
Sonatrach, with a 40 percent stake; Spain's Repsol SA,
with 29.25 percent; Germany's RWE Dea AG, with 19.5
percent; and Edison of Italy, with 11.25 percent.
The project will bring on stream 26 wells from four fields
in the Reggane basin, the company said.
(Reporting by Karen Rebelo in Bangalore; Editing by Robin