KUWAIT: Kuwait plans to award a KD1.2bn ($4.3bn) contract later this year for the first phase of a project to produce heavy oil at its northern Ratqa field, the head of state-owned Kuwait Oil Company (KOC) said.
The project is part of efforts to meet Kuwait’s target of producing 4 million barrels of oil per day (bpd) by 2020. The Opec
member currently produces around 3 million bpd and exports around two-thirds.
The deadline for bids for the engineering, procurement and construction (EPC) contract is May 11, but this may be extended if companies continue to have queries, KOC Chief Executive Hashem Hashem told reporters on the sidelines of an oil conference yesterday.
“This is (for) facilities needed to develop heavy oil, to be able to produce up to 60,000 (bpd),” he said of the planned first phase of the project at Kuwait’s northern Ratqa field.
Reuters
