Petroleum Africa
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Monday, May 20, 2013
The delay in starting up the In Salah gas project will only allow for Petrofac to see a modest growth in profits for the year. The project was shut down due to security reasons following the attack on the In Amenas gas facility in January of this year.
The In Salah is now scheduled to start up in H2 of this year according to Petrofac, which is later than anticipated.
The project “was initially expected to recommence quickly,” CFO Tim Weller said on a conference call. “This later than expected remobilization will result in significant deferral. As a result, we see modest growth in profit this year.”
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