ChevronTexaco Consortium to Bid on Kuwait Oil Project

ChevronTexaco has submitted a proposal to Kuwait Petroleum Corp. for a five-member consortium to increase production from the country's northern oil fields. The consortium will also include Total SA, Petro-Canada, Sinopec, and Sibneft.

ChevronTexaco declined to give any further details on the group formed to bid for Project Kuwait, a government-backed scheme to bring in international oil companies to double to 900,000 barrels a day the oil producing capacity of the country's northern oil fields.

Two other groups are also bidding on the project. BP PLC is leading a second consortium with partners Occidental Petroleum, ONGC and Indian Oil Corp. ExxonMobil, Shell, ConocoPhillips and Maersk Oil have also submitted a bid as a group.

Kuwait has placed a limit of two operators for each proposed consortia, but this third group currently envisages three, namely ExxonMobil, Shell and ConocoPhillips. An alternate group, without ConocoPhillips, is under consideration by ExxonMobil and Shell if Kuwait blocks the three-operator group.

The groups were presented with a draft operating service agreement last month and have been asked to submit a basic development plan for the oilfields by early September. A more detailed plan is due by the end of September, with commercial bidding expected in early 2004. The project envisages international oil companies operating under service agreements, since the Kuwaiti constitution bars the giving of oil concessions to foreigners.
Related Companies
 Company: Exxon Mobil Corporationmore info


 - ExxonMobil's $5.6B Acquisition Validates Permian as Core Operator Strategy (Jan 17)
 - Petrovietnam, Exxon Mobil Sign Deal On Gas Generation (Jan 13)
 - ExxonMobil Strikes More Oil Offshore Guyana (Jan 12)
 Company: Maersk Drillingmore info


 - Maersk to Limit Investment in Energy Businesses until Separation (Dec 13)
 - Maersk Oil Begins Culzean Drilling Campaign (Sep 29)
 - Maersk Highlander Ready for Action (Aug 19)
 Company: Shellmore info


 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 - Southern North Sea Special Interest Group Launched (Nov 21)
 - Report: Growing Confidence in North Sea Oil, Gas Industry (Nov 14)
 Company: Total S.A.more info
 - Big Oil Back On The Acquisition Trail As Outlook Brightens (Jan 19)
 - Oil, Gas Firms Make Global 100 Most Sustainable Corporations List (Jan 19)
 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 Company: ConocoPhillipsmore info


 - Startup Of Malikai Oil Field To Boost Malaysia's Kimanis Exports (Dec 13)
 - US Shale Firms Go Back To Work Buoyed By OPEC Deal, Trump Victory (Nov 14)
 - ConocoPhillips Aims To Sell Up To $8 Billion In Gas Assets (Nov 10)
 Company: Chevron Corporationmore info
 - Argentina Clinches Deal to Attract Investment in Vaca Muerta Shale (Jan 11)
 - Oil, Gas Conflicts throughout Africa in 2016 (Jan 4)
 - SOCAR, AIOC Agree to Develop ACG Field (Dec 23)
 Company: Sibneftmore info
 - Moving into Russian Upstream, Eni Acquires Yukos Assets for $5.83B (Apr 4)
 - Sibneft Names New Vice President for Production (Feb 2)
 - Sibneft Wins Auction for Elleisky Block in Tomsk Region (Dec 21)
 Company: Petro-Canadamore info
 - C-NLOPB Approves Hebron Application (May 31)
 - Petro-Canada to Fire Up Syrian Gas Production Soon (Apr 6)
 - Faroe: Possible Hydrocarbons Found in North Sea Well (Mar 23)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours