Deadline for $4.3bn Kuwait project may be extended
Further bids may be considered for oil project if queries continue
Kuwait Oil Company chief executive Hashem Hashem has revealed that the bid deadline for a $4.3bn (KWD 1.2bn) oil project in Kuwait’s northern Ratqa field may be extended if companies continue to have queries.
The current deadline for bids to secure the engineering, procurement and construction contract is 11 May.
Speaking on the sidelines of an oil conference, Hashem added that the company plans to award the contract for the first phase of the project to produce heavy oil later this year, according to a report in Arab News.
The project is part of efforts to meet Kuwait’s target of producing 4mn barrels of oil per day (bpd) by 2020. Kuwait currently produces around 3mn bpd and exports around two-thirds.
“This is (for) facilities needed to develop heavy oil, to be able to produce up to 60,000 (bpd),” he said of the first phase of the project.
“All the international EPC contractors showed interest, and they are actively participating in this bid,” he said.
KOC will spend about three months assessing the bids and award the contract by about October, he added.
The 60,000 bpd project should be online by 2017 or 2018, he told the conference, with production set to reach 120,000 bpd by 2020. KOC will evaluate whether it needs to raise this to 270,000 bpd beyond that date, he said.