25 C
Lagos
Wednesday, September 23, 2020
- Advertisement -

ADNOC Terminates Petrofac’s Dalma Gas Project

Opinion

My Experience with Online Passport Renewal

By Claudia Nwankwo As “Nigerians” we (naturally) shy away from using government agency portals or online platforms. Many would...

Osunkeye: An Accounting Doyen Turns 80 – By Tokunbo Abiru

Today, we are celebrating a leading light, role model, mentor, an industry icon and man of integrity as he turns 80. He...

Ibiyeomie Not Different From Those Seeking Death Of Kano Musician For Blasphemy – By Fredrick Nwabufo

We have to face up to the truth; the truth about Christian fundamentalism. The church today has been sculpted in the image...

NEDG Debate Will Be Rigged – Nigeria Group

We would like to advise the main opposition party APC not to be deceived into participating in the sham debates being planned...

Oil services company Petrofac has announced that its Petrofac Emirates joint venture has received a notice of termination from the Abu Dhabi National Oil Company (ADNOC) for two recently awarded contracts for the Dalma Gas Development Project.

Petrofac says that it is committed to working with ADNOC over the coming weeks to explore alternative options to deliver the project in a manner that supports the strategic objectives of both entities in the current challenging environment. The project, worth around US$1.65billion, is comprised of two parts and was awarded in February 2020. Petrofac Emirates’ share of the total project cost is valued at US$1.5billion.

Petrofac continues to record substantial progress in the execution of its remaining work backlog of around US$7billion as planned and will continue to bid for major contracts in Abu Dhabi.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...

Dada Awosika

Dada Awosika is the Managing Partner of D.A Awosika & Partners LLP. He started his Legal Practice in 1996 at the law...

Olamide Edun

Olamide joined Lion’s Head Global Partners in 2017 and is a member of the African Local Currency Bond Fund team, focussed on...