Kuwait Launches $2B Oil Project, Attracting Global Giants
Kuwait's Central Agency for Public Tenders has initiated a substantial project valued at KD 2 billion, drawing interest from prominent international companies. The tenders aim to bolster oil production and export capacity, aligning with Kuwait's Oil Strategy 2040.
Seven major tenders have been opened, focusing on enhancing operational efficiency in Kuwait's oil sector. These tenders are part of Kuwait Oil Company's plan to expand oil field development, targeting an increase in oil production capacity to four million barrels per day by 2035 and gas production to 1.5 trillion cubic feet per day by 2040.
The tenders include the development of Gathering Centre 1 (SGC-1), Water Injection Plant 1 (WIP-1), Gathering Centre 3 (SGC-3), and Water Injection Plant 3 (WIP-3). Pre-bid meetings attracted notable companies such as Petrofac (UK), Saipem (Italy), Tecnicas Reunidas (Spain), Larsen & Toubro (India), Samsung, Hyundai, and Daewoo (South Korea). However, specific information about companies participating in the remaining tenders is not yet available.
With a total value of KD 2 billion, these tenders are set to propel Kuwait's oil sector forward. The involvement of international companies signals confidence in Kuwait's oil market and its long-term strategy.
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