Kuwait Signed Oil And Gas Contracts Worth $15 Billion In 15 Years

According to MEED magazine, Kuwait has invested $14.9 billion in oil and gas projects during the last 15 years, specifically between 2005 and 2021.

According to the data, Kuwait awarded the biggest number of oil and gas contracts in history in 2016, totalling $4.2 billion, and this growth coincided with the Kuwait Petroleum Corporation and its subsidiaries' attempts to boost the country's oil and gas production capacity. According to a local Arabic daily, contract awards before 2015 totalled $1.2 billion.

Kuwait has given contracts for oil and gas projects for $585 million in the last two years, $480 million in 2019, and no contracts worth $585 million in 2020 due to the emergence of the Corona pandemic in that year and its detrimental influence on projects in the country.

In the past, $3.1 billion in contracts were granted in 2010, $1.2 billion in contracts were awarded in 2008, and $1.2 billion in contracts were signed in 2015.

The Kuwait Oil Company, on the other hand, recently floated a tender for a project to update the gas and condensate network in oil facilities in eastern Kuwait, according to MEED magazine. This is the second modernization contract for the gas and condensate network in this region.

The corporation has established a June 13 pre-bid meeting for the project, and the deadline for submitting bids is August 30.

Based on the outlines and instructions from the Central Agency for Public Tenders, as well as analysing the value of the bid guarantee, the magazine predicted that the final worth of the primary contract would vary between $70 million and $160 million. The invitation to compete via tender comes amid severe delays in projects in Kuwait's oil and gas sector as a result of the detrimental impact of numerous major variables on oil and gas projects.

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