Kuwait awards WorleyParsons management contract

KUWAIT CITY - Kuwait Oil Co said on Wednesday it has awarded Autralia-based WorleyParsons a five-year 313-million-dollar contract for management services.

By (AFP)

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Published: Wed 17 Oct 2007, 4:20 PM

Last updated: Sat 4 Apr 2015, 11:27 PM

KOC deputy managing director Fahd Al Ajmi said in a statement the contract will support the company in achieving its long-term strategy of raising oil production capacity to four million barrels per day (bpd) by 2020.

The contract is to provide project management, planning, engineering, design, construction management, procurement and other services for construction of new facilities, upgrading of existing ones and transfer of technology.

KOC is the exploration and production arm of national oil conglomerate Kuwait Petroleum Corporation.

Oil-rich Kuwait has earmarked more than 25 billion dollars to boost its output capacity from the current 2.8 million bpd to four million bpd in 2020.

The Gulf emirate sits on 10 percent of global crude reserves, according to official figures, although industry reports have questioned the figures.

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