Occidental Joins Consortium to Bid on Kuwait Project

Occidental Petroleum could be jointing a consortium comprised of BP, Indian Oil Corporation and ONGC Videsh to bid for operating interests in existing producing oilfields of Northern Kuwait.

Bids for taking up exploration and production in North Kuwait's producing oilfields are expected by month-end. The project entails an investment of $7 billion which will double the existing producing oil-fields production from current levels of 450,000 barrels per day to 900,000 barrels.

While BP will lead the consortium and hold controlling interest, Indian Oil Corporation and ONGC Videsh Limited will jointly hold about 10% interest in North Kuwait oil-fields, with an investment of about $700 million. Occidental could take up to a 15% interest in the project.