Topaz Energy and Marine Ltd., has announced that a subsidiary has secured a US$100 million contract to build, own and operate six specialised barges for Agip KCO in Kazakhstan.
The deal will see BUE Kazakhstan, a subsidiary of the Dubai-based marine services and oil & gas fabrication company, operate the barges over a 10 year period to support Agip’s development program in the Kashagan field in the Northern Caspian.
‘Topaz is privileged to be part of the growth of Kazakhstan’s oil & gas sector and we look forward to continue to develop our relationship with Agip KCO and the NCOC,” Topaz CEO, Fazel A. Fazelbhoy said.
“This 10-year contract is aligned with Topaz’s focus on longer term contracts providing stable cash-flows and investor returns over a number of years.”
“With support of our strong ties with international financial institutions, Topaz’s growth path continues to look healthy even in these recessionary times.’ He added.
The Kashagan oilfield is one of the largest hydrocarbon discoveries in the last four decades with estimated recoverable reserves of more than 10 billion barrels. The field is expected to eventually double Kazakhstan’s output to approximately 3 million barrels per day.
The contract is similar to the recent $225 million deal Topaz secured with BP in the Caspian region. Under that contract, Topaz will operate three vessels in support of BP’s program in Azerbaijan over the next 10 years.
