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Kuwait is set to reach out to oil majors in a bid to boost oil output to 4mn b/d.
Long-discussed Kuwaiti plans to enlist the expertise of international oil companies (IOCs) in developing the country’s oil reserves appear to be finally moving forward.
Early next year, Kuwait Oil Company (KOC) will invite the five largest oil majors – Chevron, ExxonMobil, Shell, BP and Total – to bid for enhanced technical service agreements (ETSAs) to work alongside KOC at key developments: maintaining a production plateau at the supergiant Burgan field, boosting output at Kuwait’s northern oil fields and development of the heavy oil project at Ratga. KOC hopes to award five-year ETSA contracts between 2015 and 2016. (CONTINUED - 1035 WORDS)
DATA INSIDE THIS ARTICLE
|table||Kuwait Output Capacity & Targets (Mn B/D)|