State-owned Kuwait Oil Co. (KOC) announced on Sunday that it has awarded a 403-million-dollar contract to China Petroleum and Chemical Corp. (Sinopec) to build five oil and gas rigs.
The five-year deal is part of Kuwait's long-term strategy to boost the Gulf state's oil production capacity to four million barrels per day by 2020, KOC chairman Sami al-Rasheed said in a statement.
Kuwaiti oil executives said last week that the emirate has succeeded in raising its oil output capacity to three million bpd and was forging ahead with its long-term strategy despite a slump in the price of oil.
The fourth largest OPEC producer, which sits on about 10 percent of global crude reserves, Kuwait currently pumps around 2.2 million bpd.
Share This Article With Planet Earth
