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Thursday , September 29 2022

Value of oil, gas projects hits $15 bln

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KUWAIT CITY, July 19: According to a report by the MEED magazine, the value of oil and gas projects executed by Kuwait in 15 years, specifically during the period between 2005 and 2021, amounted to about $ 14.9 billion, reports Al-Anba daily. The year 2016 witnessed the largest awarding of oil and gas contracts ever, as Kuwait awarded contracts worth $ 4.2 billion.

This jump in awarding contracts came in conjunction with the efforts made by the Kuwait Petroleum Corporation (KPC) and its subsidiaries to increase the country’s production capacity of oil and gas. The year 2015 had seen awarding of contracts worth $1.2 billion. During the past two years, Kuwait awarded contracts for oil and gas projects worth $585 million.

In 2019, contracts worth $480 million were signed. The year 2020 was not included in the contract awarding schedule due to the outbreak of the COVID- 19 pandemic that year and its negative impact on projects in the country. The year 2010 witnessed awarding of contracts worth $3.1 billion, In 2008, contracts worth $1.2 billion were awarded, and in 2015, contracts worth $ 1.2 billion were signed.

On the other hand, MEED magazine reported that the Kuwait Oil Company (KOC) recently launched a tender for a project to modernize the gas and condensation network in oil facilities in East Kuwait, which is the second modernization contract to be offered for the gas and condensation network in this region.

A pre-bid meeting for the project was held on June 13, and the company set August 30 as the deadline for the submission of 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 CAPT, and after analyzing the value of the bid guarantee. The invitation to bid for 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 the oil and gas projects in Kuwait.

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