Contractors are expecting significant extensions to the bid submission deadlines for two oil projects in Kuwait that are estimated to be worth a total of $2bn.The bid submission deadlines are currently set for next month.One source said: “The contractors that have the capacity to execute this project are extremely busy at the moment and are highly likely to ask for extensions.“If an extension is granted then it is likely it will be a significant delay and bids will not ultimately be submitted until after Ramadan."A total of seven companies were considering bidding on the projects.The two projects consist of a project to develop Separation Gathering Centre 1 (SGC-1) and Water Injection Plant 1 (WIP-1), and a separate project to develop SGC-3 and WIP-3.Each project is estimated to be worth KD300m ($970m).Industry sources have said that the companies that attended a pre-tender meeting for the project earlier this week included:Petrofac (UK)Saipem (Italy)Tecnicas Reunidas (Spain)Larsen and Toubro (India)Samsung (South Korea)Hyundai (South Korea)Daewoo (South Korea)Earlier this year, Kuwait Petroleum Corporation (KPC) chief executive Sheikh Nawaf Al-Sabah reiterated that his company plans to increase its oil production capacity to 4 million barrels a day by 2035.About 90% of Kuwait’s oil production comes from KOC, which also plans to achieve a daily gas production capacity of 1.5 trillion cubic feet by 2040.Kuwait is estimated to have 100 billion barrels of oil reserves.Under KPC’s 2040 strategy, it plans to invest $410bn, which will come from its cash flow, debt and joint ventures with other businesses.Out of the $410bn, KPC and its subsidiaries intend to invest $110bn to accomplish the group’s energy transition targets. (ICE KUWAIT)

Fonte notizia: Meed