USD 4.2bn heavy oil field contract awarded by Kuwait.

The central committee for tenders announced that Phase 1 of the Lower Fars Heavy Oil Development project was awarded to UAE based Petrofac International and the Athens-based Consolidated Contractors Co. (CCC).
The project is valued at USD 4.2 billion and is located in the northern part of Kuwait.The plant is expected to produce 60,000 barrels per day of heavy crude by 2018.
In addition, the other phases of infrastructure are being developed and after the completion of the second phase, the production is set to be doubled.
Currently, Kuwait pumps around 2.8 million bpd and plans to raise its output capacity to 4.0 million bpd by the year 2020.

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