Kuwait set to extend bidding for $1.3 billion oil projects, reports MEED

The Kuwait Oil Company (KOC), is reportedly planning to extend the bidding deadlines for two key oil projects, which are valued at $1.3 billion, according to MEED sources.

The first contract, estimated at KWD 292 million ($951 million), involves developing a separation facility in the North/South Kuwait Sea area, near Gathering Centers 23 (GC-23), and 24 (GC-24).

The contract also covers the construction of a new injection facility at Gathering Center 31 and the development of wastewater injection networks in northern Kuwait.

The second contract, estimated at KWD 104 million ($338 million), involves developing separation facilities at Gathering Center 25, and a water injection facility at Gathering Center 30, both under a build-own-operate model.

Although the current bid submission deadline for both projects is March 16, it is expected to be extended.

Kuwait is actively progressing with upstream projects to achieve its target of producing 4 million barrels of oil per day by 2035.

Moreover, Kuwait’s current production capacity is approximately 2.9 million barrels per day, with a goal of reaching 3.2 million barrels per day by 2025 or 2026.

Source: Al Qabas