OPEC member Kuwait awarded oil projects worth around one billion Kuwaiti dinars ($3.3 billion) in the last eight months of 2022 covering capacity expansion and gas development, a local newspaper reported on Friday. 

The value of the projects awarded between May and Dec was one of the highest awarded by the state-owned Kuwait Oil Company (KOC) in many years, the Arabic language daily Alanba said, quoting a KOC document. 

The projects involve crude oil capacity expansion as part of KOC’s strategy to boost production to 3.2 million barrels per day in 2025 as well as two Jurassic gas development projects in North Kuwait, and a contract to clean up oil-polluted areas. 

The largest projects were awarded in July, with a value of 369 million dinars ($1.2 billion), followed by Nov with nearly 300 million dinars ($990 million), the report said. 

The Jurassic gas projects 4 and 5, involving the construction of gas processing facilities, were worth around 248.7 million dinars ($820 million), it said, adding that one project with a value of 120.3 million dinars ($397 million) was awarded to Kuwait’s Spetco International Petroleum Co. 

(Writing by Nadim Kawach; Editing by Anoop Menon)


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