A Kuwaiti company has won a contract for the replacement of a subsea crude pipeline in the oil-rich Neutral Zone shared by Gulf OPEC members Kuwait and Saudi Arabia.

The contract has a value of around 19.8 million Kuwaiti dinars ($65 million) and involves work for “subsea pipeline replacement,” the heavy engineering industries and shipbuilding company “Heisco” said in a bourse statement on Monday.

The deal was awarded by Al-Kafji Joint Operations, which manages oil and gas production in onshore and offshore areas in the oil-rich Zone.

“Our company has received a letter of award from the Joint Operations for the project subsea pipeline replacement,” Heisco said without providing project details.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com) 

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