Fossil Energy – Development Discoveries

Kuwait’s prime minister Ahmad Abdullah al-Ahmad al-Sabah said last week that Kuwait Petroleum Corporation plans to invite international oil companies to assist Kuwait Oil Company in developing the recently announced offshore oil and gas discoveries.

Al-Sabah added in his opening remarks at the Kuwait Oil and Gas Show that KPC is in talks with global financial institutions to establish a lease and lease-back of Kuwait’s domestic crude oil pipeline network.

In January, sources told Reuters that Kuwait was set to launch an oil pipeline network stake sale as soon as February in a deal that could raise to $7 billion.

Kuwait’s oil minister Tariq Al-Roumi told Reuters on Monday that he expects tenders for the Durra oil and gas field project, in cooperation with Saudi Arabia, to be launched this year.