State-owned upstream operator Kuwait Oil Company (KOC) has set new bid deadlines for two oil projects in Kuwait estimated to be worth $2bn.The bid deadline has been changed from 2 March to 23 March 2025.Contractors were informed of the new deadline on 20 February, according to industry sources.Earlier this month, contractors were encountering delays during part of the pre-tender clarification process and that deadline extensions were expected due to the delays from the client side in issuing addendums.In December, seven companies were considering bidding on the projects.The two schemes comprise 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 cost KD300m ($970m).Industry sources have said that the companies that attended a pre-tender meeting in January were:Petrofac (UK)Saipem (Italy)Tecnicas Reunidas (Spain)Larsen & Toubro (India)Samsung (South Korea)Hyundai (South Korea)Daewoo (South Korea)Earlier this year, chief executive of Kuwait Petroleum Corporation (KPC), Sheikh Nawaf Al-Sabah, reiterated that the 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 its 2040 strategy, KPC 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