PHOTO
Photo used for illustrative purpose only. KUWAIT - JANUARY 15: A derek pumps in a oil field January 15, 2003 near the Saudi Arabian border, Kuwait. Kuwait produces 10% of the worlds oil and has promised to increase production as needed in the event of a war in Iraq. (Photo by Joe Raedle/Getty Images)
OPEC member Kuwait is planning to extend a Jurassic gas contract awarded to the US Schlumberger company, a newspaper reported on Monday.
The state-owned Kuwait Oil Company (KOC) has asked the Central Agency for Public Tenders (CAPT) to extend the contract which involves the development of KOC’s Jurassic gas fields in two blocks in North Kuwait, the Arabic language daily Alanba said.
It quoted KOC sources as saying the value of the extended deal for the two blocks is estimated at around $21.16 million and $18.67 million respectively.
KOC awarded Schlumberger one of three major Jurassic gas projects in North Kuwait near the border with Iraq with a value of around $477 million. Another contract was awarded to the Kuwaiti-based Spetco International Petroleum Company.
Officials said in 2021 the two projects, part of KOC’s hydrocarbon expansion plans, would boost Kuwait’s gas production by nearly 500 million cubic feet per day.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
