Kuwait awarded 91 oil projects with a total value of around 985 million Kuwaiti dinars ($3.25 billion) in the first eight months of 2023, a newspaper reported on Monday.

The contracts awarded by the state-owned Kuwait Oil Company (KOC) covered projects related to oilfield development with the aim of boosting the country’s crude and gas output capacity, the Arabic language daily Alanba said, quoting a KOC report.

“The value of the projects awarded in the first eight months of this year is the largest in many years and comes after a sharp decline in the past three years,” the report said.

It showed January was the busiest month in terms of oil projects, with 26 contracts awarded with a combined value of around KWD379.7 million ($1.25 billion), more than a third of the total project value during that period.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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