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Fluor Federal Petroleum Operations, LLC (FFPO) won a U.S. Department of Energy (DOE) contract Friday for the management and operation of the Strategic Petroleum Reserve (SPR).

FFPO is led by Fluor Corporation, a Fortune 500 company that delivers engineering, procurement, construction, maintenance (EPCM) and project management to governments around the world.

The contract has a base term of five years with an option to extend for an additional five years, for a total contract period of 10 years. The value for the base contract period is  $697 million.

FFPO also include MRIGlobal, Booz Allen Hamilton, and APOM as integrated subcontractors.

“We are extremely pleased that DOE has selected us to help them manage the SPR program,” said Bruce Stanski, president of Fluor’s Government Group. “We have a strong legacy supporting our country’s national security objectives, and welcome the opportunity to further our expertise at the SPR. Our history as a prime contractor committed to our DOE customer, underpinned by our 100-year legacy in the oil and gas industry, makes us well suited to enhance the critical mission of securing and maintaining our nation’s energy reserves.”

The SPR is the world’s largest supply of emergency crude oil.

It’s been used only three times — most recently in June 2011, when the U.S. president directed a sale of 30 million barrels of crude oil to offset disruptions in supply due to Middle East unrest.