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FINANCIAL NEWS
Kuwait awards UAE firm USD4.2b oil contract
10 Jan 2015
(MENAFN) Kuwait’s Central Tender Committee announced that it has awarded USD4.2 billion contract to develop heavy oil fields in the north of the country to UAE-based Petrofac International and the Athens-based Consolidated Contractors Company, the largest construction firm in the Middle East, Gulf Daily News reported.
The project, called Lower Fars Heavy Oil Development Phase 1, will include plans to produce 60,000 barrels per day (bpd) of heavy crude by 2018 and to build the infrastructure facilities for further phases, which will then result in doubling the production levels by 2020.
Kuwait also said that it has plans to raise heavy oil production to around 270.000 bpd by 2030 if needed from its current level of around 2.8 million bpd to reach 4 million bpd in 2020.
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