State-owned upstream operator Kuwait Oil Company (KOC) is preparing to tender a major upstream project focused on boosting exploration activities in the north of the country.The project is estimated to be worth KD1bn ($3.3bn) and KOC plans to divide it into nine separate packages.A major part of the project will involve the procurement of drilling rigs that will be used by KOC for new exploration and oil field development activities.The rigs that KOC is looking to procure will have maximum power capacities ranging from 750 to 2000 horsepower.As part of the contract companies are expected to supply human resources as well as equipment, sources said.The demand for new rigs comes as Kuwait aims to produce four million barrels of oil a day (b/d) by 2035.Production capacity currently stands at around 2.9 million b/d, and the country is aiming to reach 3.2 million by 2025 or 2026The expected upstream exploration and development project is expected to form part of a larger project plan that is expected to be published over coming months and consist of several major projects.All of the projects on the list are planned to have contracts awarded before the country’s suspension of its parliament has ended.On 10 May, Kuwait's Emir, Sheikh Mishal Al-Ahmad Al-Sabah, announced the indefinite suspension of parliament in a televised speech.Under Kuwaiti law, parliament can be suspended for a maximum of four years.The new list of planned projects is expected to include upstream and downstream projects, as well as petrochemicals facilities.Prior to the suspension of Kuwait’s parliament, the country suffered from very low levels of project awards for several years due to political gridlock and infighting between the country’s cabinet and parliament. (ICE KUWAIT)

Fonte notizia: Meed