BP, Kuwait Petroleum Sign Co-operation Accord

BP and Kuwait Petroleum Corporation (KPC) have signed a framework agreement to explore possible joint opportunities for investment and cooperation in future oil, gas, trading and petrochemicals ventures.

Signed by the two CEOs Bob Dudley and Nizar Mohammad Al-Adsani March 30, the agreement paves the way for both companies to jointly invest and cooperate in oil and gas projects in Kuwait and globally. No specific projects have been identified so far, BP told NGE.

“BP’s commitment to Kuwait dates back to our participation in the discovery of the giant Burgan oil field in the 1930s and we are there today extending the life of the field,” Dudley said. “We look forward to working with KPC to help the people of Kuwait realise the full potential of their nation’s oil and gas resources and exploring new opportunities globally.” 

In addition to enhancing oil and gas recovery from Kuwait’s existing resource base, the agreement also includes the intention to study opportunities for joint investment in future oil and gas exploration both inside Kuwait and globally.  Other elements of the agreement cover possible future oil and gas trading deals including LNG trading and related ventures.

In September 2014, BP signed a technical services agreement with KPC's domestic producer KOC to produce more oil from Burgan, using waterflood technology, although there is also gas in the field.

William Powell