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FINANCIAL NEWS
Saudi, Kuwait delay bidding for Hout oil project
13 Jun 2011
(MENAFN) As a result of several companies’ request to gain more time in order to submit their bids for the Hout oilfield project, the bidding for the offshore gas work at the site was extended by two months, from June to August, recording to industry resources, reported Reuters.
The work at the Hout oilfield, which was shared by Kuwait and Saudi and developed by the Al-Khafji Joint Operations Co (KJO), would include establishing offshore gas gathering facilities, pipelines and onshore gas facilities; moreover, it would help improve the associated gas.
On the other hand, both Saudi and Kuwait started to optimize their crude production above the set OPEC quota levels but both encountered tighter gas supply due to the agreed OPEC decrease in December three years ago.
It is worth noting that KJO was established by Aramco Gulf Operations, a subsidiary of state oil firm Saudi Aramco and Kuwait Gulf Oil Co (KGOC), a unit of KPC.
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