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 Starts Fuels Production at Baytown, Beaumont (Sep 21)
 - Far From the Texas Coast, Hurricane Harvey Hits Oil Refiners (Sep 19)
 - Big Oil Becomes Greener With Progress in Cutting Pollution (Sep 18)
 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


 - Canada Gas Set to Strike Back Against US Shale as Glut Eases (Sep 14)
 - Harvey's Wake Tempers Bullish Outlook for US Oil Output Growth (Sep 1)
 - Storm Harvey Opens Up Rare Jet Fuel Exports from Europe to US (Sep 1)
 Company: Total S.A.more info
 - Total Steps Up Renewables Drive With EREN, GreenFlex Deals (Sep 19)
 - Far From the Texas Coast, Hurricane Harvey Hits Oil Refiners (Sep 19)
 - Big Oil Becomes Greener With Progress in Cutting Pollution (Sep 18)
 Company: ConocoPhillipsmore info


 - For ConocoPhillips, Harvey A Test Of Remote Operations (Sep 7)
 - ConocoPhillips Says Eagle Ford Shale Output Nears Pre-Harvey Levels (Sep 5)
 - US Drillers Add No Oil Rigs as Harvey Slows Production - Baker Hughes (Sep 1)
 Company: Chevron Corporationmore info
 - Sources: Chevron Drills Oil Well In Iraqi Kurdish Area After Two-Year Gap (Sep 20)
 - Big Oil Becomes Greener With Progress in Cutting Pollution (Sep 18)
 - Chevron's Watson Said to Plan to Step Down, Journal Reports (Aug 22)
 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 : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours