• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 20 mins *Happy Dance* ... U.S. Shale Oil Slowdown
  • 3 hours Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 16 hours Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 3 hours Socialists want to exorcise the O&G demon by 2030
  • 3 hours UK, Stay in EU, Says Tusk
  • 2 days Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 21 mins Is Natural Gas Renewable? I say yes it is.
  • 2 hours How Is Greenland Dealing With Climate Change?
  • 2 days Conspiracy - Theory versus Reality
  • 2 days Maritime Act of 2020 and pending carbon tax effects
  • 2 days Chevron to Boost Spend on Quick-Return Projects
  • 3 hours Saudi Private Jet Industry Stalls After Corruption Crackdown
What’s Behind Oil’s Slow Flash Crash?

What’s Behind Oil’s Slow Flash Crash?

The 40 percent decline in…

Oil Markets Could See Deficit In 2019

Oil Markets Could See Deficit In 2019

The OPEC+ cuts and slowing…

Petrofac Wins $1.3B Deal With Kuwait Oil Company

Petrofac

London-listed oil services provider Petrofac said on Tuesday that it had won a contract with Kuwait Oil Company for a $1.3-billion gathering center project in southeast Kuwait.

Kuwait Oil Company (KOC) has awarded the lump-sum engineering, procurement and construction (EPC) project for the GC 32 sour gathering center in the Burgan oil field. The sour gathering center will be the first such center in the field and will process crude oil and associated gas recovered from the Arifjan, Marat, Minagish Oolite and Burgan Wara high Hydrogen Sulphide fields, Petrofac said.

Work on the project is expected to start shortly and complete in the middle of 2020. The engineering, procurement and construction work includes greenfield activities with tie-in works to existing brownfield infrastructure, and will have the capacity to produce around 120,000 barrels of oil per day together with associated water, gas and condensate.

“Kuwait is one of our core markets in the Middle East and we have been executing projects in the country since the early 1980s. We are proud to continue our association with KOC and look forward to working closely with them to deliver the project,” Marwan Chedid, Group Chief Operating Officer at Petrofac, said in the company statement.

Petrofac has been operating in Kuwait since 1982, with current projects in the country exceeding $4 billion. Elsewhere in the Middle East, Petrofac has ongoing projects in Oman, Iraq, and Abu Dhabi.

Related: Pro-Extension Voices In OPEC Become Louder

Kuwait’s latest budget plans to focus capital expenditure on downstream oil and gas activities during FY 2017/18 in a bid to create jobs, offset falling crude export revenue, and capitalize on rising regional demand for refined products.

The government is taking steps to expand private-sector participation in economic development, including through three planned power projects and a US dollar-denominated bond issue – a first for Kuwait.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News