Kuwait Signed Oil and Gas Contracts Worth $3.25 Billion
This is a significant expansion of the country’s activity in its oil and gas industry after a three-year decline
Over the 8 months of 2023, the Kuwaiti authorities awarded 91 contracts to expand and improve production conditions at the country’s oil fields for a total amount of $3.25 billion, oilandgasmiddleeast.com reports. The contracts will be controlled by the state-owned Kuwait Petroleum; the publication does not name its partners, but indicates that this is a significant expansion of the country’s activity in its oil and gas industry.
At the same time, the financial obligations of new projects exceed obligations under contracts in recent years. So Kuwait is showing a marked recovery in oil and gas after the significant decline seen in the previous three years.
The first month of this year showed the greatest dynamics – 26 contracts worth $1.25 billion were concluded.
Kuwait accounts for about 3% of world oil production, the country is a member of OPEC, and for 2024 Kuwait’s quota under the OPEC+ deal is 2.676 million bpd.
