In 15 years Kuwait signed oil and gas contracts worth $15 billion

MEED magazine reported that the value of oil and gas projects established by Kuwait in 15 years, specifically between 2005 and 2021, amounted to about $14.9 billion.

According to the data, 2016 witnessed the largest awarding of oil and gas contracts ever, as Kuwait awarded contracts worth $4.2 billion, and this jump in awards came in conjunction with the efforts made by the Kuwait Petroleum Corporation and its subsidiaries to increase the country’s production capacity of oil and gas. Prior to 2015 the contract awards were worth $1.2 billion, reports a local Arabic daily.

During the past two years, Kuwait awarded contracts for oil and gas projects worth $585 million, and during 2019 contracts worth $480 million were signed, and 2020 was not included in the contract award schedule due to the outbreak of the Corona pandemic in that year and its negative impact on projects in the country.

Historically, 2010 witnessed contract awards worth $3.1 billion, during 2008 contracts worth $1.2 billion were awarded, and in 2015 contracts worth $1.2 billion were signed.

On the other hand, MEED magazine said that the Kuwait Oil Company recently floated a tender for a project to modernize the gas and condensate network in oil facilities in eastern Kuwait, which is the second modernization contract to be offered for the gas and condensate network in this region.

A pre-bid meeting for the project is scheduled for June 13, and the company has set August 30 as the deadline for submitting bids.

The magazine estimated that the final value of the main contract would range between $70 million and $160 million, based on the outlines and instructions from the Central Agency for Public Tenders, in addition to analyzing the value of the bid guarantee. The invitation to bid through the tender comes in the midst of widespread delays in projects in the oil and gas sector in Kuwait, as a result of the negative impact of several major factors on oil and gas projects in Kuwait.

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