L&T gets Rs 1,500 crore EPC order from PDO
Larsen & Toubro today said it has got an Rs 1,500 crore engineering, procurement and construction (EPC) order from Petroleum Development Oman LLC (PDO).
August 20, 2013 / 22:18 IST
Larsen & Toubro today said it has got an Rs 1,500 crore engineering, procurement and construction (EPC) order from Petroleum Development Oman LLC (PDO).
"The EPC order is for the Yibal third stage depletion compression (Y3DC) project at the Yibal-Natih gas reservoir in Oman. The project is scheduled to be completed in 39 months," L&T said in a BSE filing.
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Yibal-Natih is a sweet gas reservoir with recoverable reserves estimated at 90 percent. It has been in production since 1972 and undergone a series of expansions to accommodate increasing demand for gas. The Yibal third stage facility will be installed to boost reservoir pressure, L&T said.
"With significant growth potential for natural gas in the Gulf, this order is strategic for L&T and reflects its capability to execute such projects in an extremely
competitive environment," L&T said.L&T is doing two projects for PDO, a leading exploration and production company in the Sultanate, which accounts for 70 percent of the country's crude oil production and nearly all of its natural gas supply.
PDO is 60 percent owned by Oman government. Royal Dutch Shell has 34 percent stake among others. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
