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Kuwait has refused to extend two gas contracts for the US-based Schlumberger and Kuwait-based Spetco International Petroleum Company after both firms were late in completing the projects, a local newspaper reported on Monday.
The state-owned Kuwait Oil Company, the OPEC member’s upstream investment arm, had requested the extension from the Central Agency for Public Tenders (CAPT), the Arabic language daily Alrai said, quoting official sources.
But CAPT rejected the request for renewing the contracts which involve the installation of production equipment in Jurassic fields in North Kuwait, it said.
The two companies have already paid “penalties” for a delay in completing the projects and they asked for an extension to avert further penalties, the paper said.
“CAPT refused to extend the contracts for the two firms although part of the contract has not been completed,” the paper added without providing further details.
(Writing by Nadim Kawach; Editing by Anoop Menon)
