NEWS
KOC Signs Lower Fars Heavy Oil Contract
Source: | Author:pmo9e9256 | Published time: 2015-02-06 | 1462 Views | Share:

KOC recently signed a contract for the implementation of a project for the first phase of the Lower Fars Heavy Oil Development Program in Ratqa Field in North Kuwait. Plans for the field include production figures of 60,000 bpd by 2018.

 

The signing ceremony took place at the KOC Main Office in Ahmadi in the presence of CEO Hashem Hashem, a number of DCEOs and senior Company officials.

Hashem signed the contract on behalf of KOC while Petrofac’s CEO of Engineering, Construction, Operations and Maintenance, Marwan Chedid, signed on his company’s behalf. The Project Director from Consolidated Contractors Group (CCC), Nabil Hariz, also signed the contract.

 

In a speech he delivered on the occasion, KOC CEO Hashem Hashem maintained that the implementation of this project stands as a landmark in the history of KOC, as it will enable the Company to produce heavy oil in commercial quantities for the first time. He went on to say that the development of heavy oil by KOC is a strategic objective of the Company and that this new venture will increase the Company’s technical and operational capabilities.