FINANCIAL NEWS

Petrofac wins $431m contract in Kuwait

05 Aug 2010

(MENAFN) Kuwait Oil Company said that it has awarded Petrofac a $430.8 million contract to inject mixed effluent and seawater into 69 wells in northern Kuwait, Kuna reported.

The project in Sabriyah and Rawdatain oil fields is part of efforts to reach a production target of one million barrels a day by 2015 from Kuwait’s northern oil fields, the state-owned firm said in a statement.

Kuwait is the world’s fourth largest oil exporter and has a production capacity of 3.17 million barrels a day. The Opec member is targeting 3.5 million bpd in 2015 before expanding to 4 million bpd in 2020.

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