Kuwait Refuses Gas Contract Extension to Two Firms for Jurassic fields

Kuwait has refused to extend two gas contracts to the US-based Schlumberger and Kuwait-based Spetco International Petroleum Company after both firms were late in completing the projects.

The state-owned Kuwait Oil Company, the OPEC member’s upstream investment arm, had requested the extension from the Central Agency for Public Tenders (CAPT), said official sources.

But CAPT rejected the request for renewing the contracts which involve the installation of production equipment in Jurassic fields in North Kuwait, it said.

The two companies have already paid “penalties” for a delay in completing the projects and they asked for an extension to avert further penalties.

“CAPT refused to extend the contracts to the two firms although part of the contract has not been completed.”