DUBAI: Kuwait is in talks with five major oil companies to help boost crude production and develop some of its oilfields including Burgan, the world’s second largest, a move that has faced fierce political opposition in the past.
Kuwait has invited Britain’s BP, France’s Total, Royal Dutch Shell, ExxonMobil and Chevron, to bid for a so-called enhanced technical service agreement for the northern Ratqa heavy oilfield, Hashem Hashem, chief executive of state-run Kuwait Oil Co (KOC) said.
“We’ve invited the major five international oil companies (IOCs) to show interest. This is our approach,” Hashem said, adding Exxon might not be interested in this bid. “We are trying by first or second quarter of next year to conclude this contract.”
The plan is part of efforts to meet Kuwait’s target of producing 4 million barrels of oil per day (b/d) by 2020. The Opec member currently produces around 3m b/d and exports around two thirds. KOC also plans to open up other oilfields such as its North Kuwait fields and areas of the giant Burgan field for foreign oil companies to develop, and will send a letter to the five majors seeking their interest in bidding, Hashem said.
Reuters
