Kuwait plans to award a 1.2 billion dinar ($4.3 billion) contract later this year for the first phase of a project to produce heavy oil at its northern Ratqa field, the head of state-owned Kuwait Oil Company (KOC) said.
A unit of state-owned Kuwait Oil Company (KOC) will launch a tender later this year for the construction of facilities to produce heavy oil at a cost of up to 1.2 billion dinars ($4.2 billion), its chief executive said.
Major crude producer Kuwait plans to start drilling for heavy oil aiming to produce up to 60,000 barrels per day (bpd) of it by 2017, a local newspaper reported on Wednesday.
Opec member Kuwait already has a crude oil production c
Both Iraq and Iran are set to play a bigger role in the world's oil markets as the technology to develop heavy oilfields grows, it was revealed.
'While estimates of Iraq's oil reserves suggest it in the region of 112 billion ba
Bahrain could play an important role in developing the technology to increase the production of heavy oil in the region through its creation of Tatweer.
The joint venture between the National Oil and Gas Authority, Occidental Petroleum and
Iran has more than 85 billion barrels of recoverable heavy oil, an official said, suggesting about 60 per cent of the country's reserves are of that crude category.
Mohammad-Ali Emadi, director of research and development at the Natio