Chinas BGP low bidder with price of $364.9m for Kuwait Bay contract
State-owned upstream operator Kuwait Oil Company (KOC) is expected to award the contract for the 3D seismic survey of Kuwait Bay in the coming weeks.
BGP, a geophysical services company whose shares are mainly held by Chinese state-owned oil company China National Petroleum Corporation (CNPC), is the low bidder, with a price of $364.9m.
French geoscience firm CGG Services is the only other bidder and has submitted a price of $476.3m. Bids for the deal were submitted by the two companies on 4 March.
As things stand, Kuwait has no offshore oil production outside of the Divided Zone that it shares with Saudi Arabia.
The planning and design of several high-resolution land 3D surveys is also ongoing and is targeting areas in northwestern Kuwait and the onshore supergiant Burgan field in the desert in the southeast.
As part of KOCs 2030 strategy, the company has stated it aims to search for gas and light oil in the countrys Jurassic and Permian plays, and explore unconventional reservoirs.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.