Kuwait signs deal with ExxonMobil to develop heavy oil

Oct 23, 2007 02:00 AM

Kuwait Oil has signed a heads of agreement with ExxonMobil to develop Kuwait's heavy oil reserves with a production target of 900,000 bpd by 2020, Khaled al-Sumaiti, deputy director for KOC's northern operations said.
He told an energy conference in Kuwait City that the two sides hoped to conclude a final agreement in July to develop the heavy oil reserves located mainly in northern Kuwait.

Initial production is targeted at 50,000 bpd by 2012, rising to 250,000 bpd by 2015 and 900,000 bpd by 2020, he said.
"We have an agreement with ExxonMobil to develop that heavy oil. We have signed a heads of agreement and we hope to sign the final agreement in July," Sumaiti said, adding that the OPEC producer was seeking other foreign partners to help develop the heavy oil deposits. "What we are looking for in the upstream is an enhanced services agreement and in the downstream, a joint venture agreement," he said.

Source: </ Platts Oilgram News font>
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