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.
Hashem added that this project serves as the first phase of KOC’s heavy oil development plan and that it will be followed by other stages in order to raise production as part of the 2030 Strategy. The CEO then expressed his gratitude to everyone that has been involved with this project, adding that this undertaking would not have been possible without their hard work and dedication. Meanwhile, Chedid thanked KOC for its efforts and maintained that Petrofac would uphold its commitment to KOC standards and delivery dates.