Kuwait has awarded new oil contracts with a combined value of around 224 million Kuwaiti dinars ($733 million) to foreign companies, local press reports have said.

A majority of the projects, with a value of nearly $685 million, have been awarded to companies from the US, China and Italy, Al-Rai daily reported.

The projects were awarded by the state-owned Kuwait Oil Company, which manages the OPEC member’s upstream oil sector.

The projects cover development of oil fields and networks in various parts of Kuwait, including increasing crude oil flow, monitoring field formations and evaluating deposits.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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