(MENAFN- Arab Times) KUWAIT CITY Jan 8 (AFP): Kuwait has awarded a $4.2 billion (3.5 billion euros) to develop heavy oil fields in the north of the country the central tenders committee announced Thursday. The project called Lower Fars Heavy oil Development phase 1 was awarded to UAEbased Petrofac International and the Athens-based Consolidated Contractors Co (CCC) the largest construction firm in the Middle East the committee said.
The project includes plans to produce 60000 barrels per day of heavy crude by 2018 and to build the infrastructure facilities for further phases. In the second phase production will double by 2020. Kuwait also has plans to raise heavy oil production to around 270000 bpd by 2030 only if needed. Kuwait currently pumping around 2.8 million bpd plans to raise its output capacity to 4.0 million bpd in 2020 from around 3.3 million bpd now.
Last year Kuwait awarded contracts worth $12 billion to upgrade two of its three oil refineries and procedures are underway to award contracts worth $15 billion to build a new 615000- bpd refinery. When the two projects are completed by 2018-2019 the refining capacity will be boosted to 1.4 million bpd from 930000 bpd at present
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