Kuwait Oil Co (KOC) has said the country plans to award a KD1.2bn ($4.3bn) contract later this year for the first phase of a project to produce heavy oil at its northern Ratqa field, Reuters has reported. The deadline for bids for the engineering, procurement and construction (EPC) contract is May 11, but this may be extended if companies continue to have queries, said KOC chief executive, Hashem Hashem. The project is part of efforts to meet Kuwait’s target of producing four million barrels of oil per day (bpd) by 2020. Kuwait currently produces around three million bpd and exports around two-thirds.
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