Kuwait Oil Co to award $7.2bn oil platform tender
Contract for 27 drilling platforms will be largest ever awarded by KOC
The state-owned hydrocarbons giant Kuwait Oil Company (KOC) is planning to spend US$7.2 billion on the construction of 27 drilling platforms in an attempt to ramp up oil & gas production in the Gulf state by 1 million barrels per day (bpd).
Business intelligence specialist MEED reported that the 10-year plan will see Kuwait increasing the number of platforms from the current level of 25 up to 60 by 2011 and oil production rise from 3 million bpd to 4 million bpd by 2020.
KOC is currently in talks with potential bidders although a date has yet to be set for proposals.
The $7.2 billion contract will be the largest tender ever awarded by the company.