OPEC member Kuwait intends to issue tenders for new gas projects in 2022 with a combined value of more than $500 million, a local newspaper said on Tuesday. 

State-owned Kuwait Oil Company (KOC), which is in charge of the Gulf state’s upstream sector, will issue several tenders as part of an ongoing programme to boost non-associated natural gas, the Arabic language daily Al-Rai said. 

It quoted KOC sources as saying the new projects involve installation of pipelines in Jurassic gas areas in North Kuwait as well as gas well development and installation of new equipment in those areas. 

The report said the new ventures would replace “Jurassic gas projects 6 and 7” for the construction of new gas stations. 

“The sources said those projects have been cancelled and would be replaced with a new plan that will produce much more gas,” the paper said. 

It quoted the sources as saying the new projects besides “Jurassic gas 4 and 5” which had been awarded would lift production in those areas to 950 million cubic feet/day. 

(Writing by Nadim Kawach; Editing by Anoop Menon)


Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021