Kuwait had a similar production capacity in the late 2000s, with capacity hitting the highest on record of 3.3 million bpd in 2010. Kuwait’s oil production capacity began to drop after 2010, but the OPEC heavyweight has launched a program in recent years to raise it.
With a reported value of approximately USD 163.4 million, it represents the largest standalone well-logging contract secured by a Chinese company overseas, according to statements to Upstream by a company official.
Kuwait Petroleum Corp. is considering leasing part of its pipeline network to help fund a $65 billion investment plan that covers everything from upstream to petrochemicals, according to people familiar with the matter.
Three international consortiums have been invited by the Kuwait Authority for Partnership Projects (KAPP) to submit proposals. They are led by Abu Dhabi National Energy Company (TAQA), Saudi Arabia’s ACWA Power and China Power International.
KBR will deliver FEED and related services aimed at optimising operational efficiency in the field. The work is part of KOC’s wider strategy to reinforce Kuwait’s energy security and invest towards long-term, sustained oil production.
Eisa Abdulrahman Al Maraghi, CEO of Kuwait Foreign Petroleum Exploration Company (KUFPEC), talks to The Energy Year about investment plans to triple the company’s portfolio and banking on gas and LNG to gain international competitiveness. As Kuwait’s international upstream company, KUFPEC engages in oil and gas exploration and production globally.
Sheikh Ahmad Duaij Al Sabah, Chairman of the Commercial Bank of Kuwait (Al-Tijari), talks to The Energy Year about supporting key energy and infrastructure developments and the positive impact of Kuwait’s new public debt law. Al-Tijari is a Kuwaiti bank that provides financial, banking and investment services to corporate and retail customers.
Kuwait is geographically in a great spot, but historically, it has lacked infrastructure. Now, with projects such as the new airport and the expansion of Mubarak Al Khabeer port, we can position Kuwait as a quicker transit hub.
This opens opportunities for localisation, global exports and better turnaround from sea to air. For FDI [foreign direct investment], logistics is key. Infrastructure upgrades are what allow local players to go global, and if we get it right, Kuwait will become a gateway to the region.
The joint venture deal comprises two rigs in Kuwait and six in Oman, all currently under contract with the Kuwaiti and Omani NOCs. ANDOC Drilling will pay USD 91 million for the 70% stake, plus an additional potential payment of USD 21 million based on rig performance, Reuters reported.
Wafra Joint Operations is a 50-50 joint venture between Kuwait Gulf Oil Company and Saudi Arabian Chevron responsible for managing onshore activities in the Partitioned Zone between Saudi Arabia and Kuwait. The company is involved in the exploration, development and production of hydrocarbons in the region, with a focus on conventional oilfields.