Kuwait has taken a significant step towards the internationalization of its energy operations. During the opening of the Kuwait Oil and Gas Show, Prime Minister Ahmad Abdullah al-Ahmad al-Sabah announced that the Kuwait Petroleum Corporation (KPC) will invite major international oil companies to collaborate on the development of new offshore oil and gas discoveries..
This move marks a shift towards models of cooperation with foreign capital, in a context where Kuwait is seeking to increase its productive capacity and accelerate the exploitation of marine resources. exploitation of newly discovered marine resources. The operation will be carried out by Kuwait Oil Company, a subsidiary of KPC, which will be in charge of leading the work in the offshore fields.
KPC’s offshore fields and financial strategy
In parallel, KPC is in discussions with global financial institutions to structure a lease-and-leaseback model for its pipeline network pipeline network. This strategy would allow Kuwait to free up economic resources without losing operational control of its critical infrastructure.
According to previous reports, the deal could be worth up to US$7 billion, depending on the interest generated by the assets among international investment funds and banks.
Regional alliance with Saudi Arabia
Another initiative underway is the joint development of the Durra oil and gas field, located in waters shared between Kuwait and Saudi Arabia. Kuwaiti Oil Minister Tariq Al-Roumi said that tenders for this project will be launched this year, strengthening bilateral cooperation and underpinning regional energy security.
This set of measures also positions Kuwait as a player more open to foreign investment, seeking to balance state control with private efficiency in a context of energy transformation and sustained global demand.
Source and photo: Reuters