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(Bloomberg) — Kuwait is opening up some of its oil fields to foreign investment and leasing part of its pipeline network, a significant move by the OPEC member as it looks to position itself as a key investment destination in the Middle East.
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Kuwait Petroleum Corp. is pursuing a plan to invite international oil companies to assist its production arm, Kuwait Oil Co., in the development of offshore fields, Prime Minister Sheikh Ahmed Al-Abdullah Al-Sabah said at a conference in Kuwait. The deals are likely to be in deposits such as Jazah, Jlaiaa and Nokhitha, where Kuwait wants to boost production levels.
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The prime minister didn’t clarify what sort of investments international companies might be allowed. While global oil firms have been present in Kuwait for years, they mostly have technical service contracts. Sheikh Ahmed said the country would retain sovereign ownership of the resources in fields where overseas investments would be allowed.
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The country is planning to boost its oil production capacity to 4 million barrels a day by 2035, from about 3 million a day currently.
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Read: Kuwait to Spend Over $30 Billion to Boost Oil in Bet on Demand
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TotalEnergies SE’s Chief Executive Officer Patrick Pouyanne said his company would be interested in working on oil expansion in Kuwait. The French major would also be keen on LNG projects in the Middle Eastern nation as well as solar projects, he said at the same conference in Kuwait
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“Kuwait is a partner ready to engage with the world through cooperation, innovation and long-term investment,” Sheikh Ahmed said.
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Kuwait Petroleum is also in talks with global financial institutions for a lease and leaseback deal for its domestic crude pipeline network, he said.
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Also read: Kuwait Said to Mull Raising Up to $7 Billion From Pipeline Deal
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The deal, reported earlier by Bloomberg News, is likely to be in the next few months and will be the largest single foreign direct investment project to date, the prime minister said. Kuwait is at a pivotal moment, he said, as it looks to be a globally competitive and investment ready energy hub.
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