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FINANCIAL NEWS
Italy’s Saipem inks $1.87b accord to develop Kuwait oilfield
17 Dec 2010
(MENAFN) Italy’s Saipem SpA, a division of Italian energy firm Eni, said that it has signed an agreement valued at $1.87 billion for the development of Kuwait’s Jurassic oilfield, Arabian Business reported.
According to officials, construction is scheduled to be complete within three years, then the Italian firm would manage it for five years, during which the field is expected to produce 150,000 barrels per day.
Kuwait’s al Kharafi group, which has concession rights to extract, produce and process crude oil from the northern Kuwait oilfield, signed the agreement with Saipem.
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