Kuwait Looks To Project ‘Business As Usual’ With $4.2bn Award

Unlike Qatar, which has cancelled key projects (see p13), and Oman, which is looking to sell off stakes in state energy firms (see p14), Kuwait is looking to convey a ‘business as usual’ image despite the almost 60% fall in oil prices over the past six months.

As oil prices hit their lowest level in five-and-a-half years state-owned Kuwait Oil Company (KOC) on 8 January awarded a $4.2bn contract to develop its heavy oil fields in the north, a project that has languished for years due to political wrangling in the emirate and opposition by some politicians to the participation of foreign oil companies. (CONTINUED - 219 WORDS)