Project Kuwait still open to non-operator foreign oil companies
The Kuwait Petroleum Corporation (KPC) recently announced that non-operator foreign companies have until February 17 to apply to take part in Project Kuwait. The seven-billion dollar scheme aims to develop Kuwait’s northern oilfields, confirmed a company statement. Nine operators and 17 non-operator international companies have already been qualified for the project.
Project Kuwait is 25-year plan, initiated in 1997 by the Supreme Petroleum Council (SPC), to increase the country's oil production with the help of foreign oil companies. Kuwait aims to increase the output from its Abdali, Bahra, Ratqa, Rawdhatain and Sabriyah oil fields from their current 450,000 barrels per day (bpd) to around 900,000 bpd by 2011.
Project Kuwait has made little progress, in large part due to opposition and demands from parliament. In April 2001, Oil Minister Adel al-Subeih argued that the northern fields would suffer significant reservoir damage if foreign oil companies were not allowed to assist in their development.
Previously short listed foreign oil companies for the project are ExxonMobil, BP Amoco, ENI, Shell, TotalFinaElf, Texaco, Chevron, Conoco and Phillips. — (menareport.com)
© 2002 Mena Report (www.menareport.com)