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FINANCIAL NEWS
Kuwait in discussion to increase oil production with 5 companies
03 Oct 2014
(MENAFN) Kuwait announced it is currently in discussions with five major oil companies to help boost crude production and develop some of its oilfields including Burgan, the world’s second largest oilfield, Arab Business reported.
Kuwait said it has invited Britain’s BP, France’s Total, Royal Dutch Shell, ExxonMobil and Chevron, to bid for the contract which will be mostly focused on enhancing technical service for the northern Ratqa heavy oilfield, , as well as some work in Burgan.
These discussions are part of the efforts in helping Kuwait meet its target of producing 4 million barrels of oil per day (bpd) by 2020, with the country currently producing around 3 million bpd and exports around two thirds of that quantity.
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