State-owned Kuwait Oil Company (KOC) has signed a contract with Spetco International Petroleum Company for the development of Jurassic gas field in the Northern border area, KOC’s CEO was quoted on Sunday as saying. 

KOC awarded package 1 known as “JPF-4” of the giant gas project to the Kuwait-based Spetco after it submitted the lowest bid, Imad Sultan told the Kuwaiti Arabic language daily Alrai. 

The $400-million project involves the production of nearly 150 million cubic feet of gas per day and 50.000 of light crude per day, Sultan said. 

According to the paper, the project and another one awarded to a Chinese firm aim to boost Kuwait’s gas output to nearly 950 million feet per day. 

The Arabic language daily Alanba quoted official sources last month as saying China’s Jereh Oil &Gas Engineering Corp was awarded package 2 of the project known as “JPF-5” with a value of nearly $426 million. 

Citing a KOC report, the paper said the Jurassic gas project in North Kuwait close to the border with Iraq will have a capacity of 100,000 barrels per day of light crude and 300 million cubic feet of free gas a day. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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