(MENAFN) The head of state-owned Kuwait Oil Company (KOC) said that his country plans to sign a USD4.2 billion contract for the first phase of a heavy oil production project, Arabian Business reported.
The project comes as part of the company's goal to meet Kuwaiti's target, which is producing 4 million barrels of oil per day.
KOC Chief Executive told reporters that the deadline for this contract is set on May 11, but it might be extended in case companies' queries continue.
"This is (for) facilities needed to develop heavy oil, to be able to produce up to 60,000 (bpd)," he said of the planned first phase of the project at Kuwait's northern Ratqa field.
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