Kuwait has awarded $3.4bn (KD1bn) worth of project contracts in the third quarter of 2016, up 15 per cent by $426m (KD129m) since the previous quarter, according to a report by the National Bank of Kuwait.
Data has shown the Gulf State is on course with pushing its development plan as state oil earnings remain low, reported Trade News Arabia.
So far in 2016, it has awarded $12bn (KD3.6bn) worth of contracts of which 42 percent, roughly $4.8bn (KD1.5bn), are oil and gas-related, according to data tracker Meed Projects.
It is expected to award another $7.7bn (KD2.3bn) by end of 2016 and over $38.1bn (KD11.5bn) in 2017.
The majority of contracts were given to companies in the private sector through public private partnerships (PPP), stated the report.
Projects in the oil and gas sector were improved in the third quarter thanks to Kuwait Oil Company’s signing of the west and east Raudhatain fields in the Jurassic Non-Associated Gas Reserves project.
Kuwait’s Spetco International Petroleum Company was also given the contract for the west field while US firm Schlumberger secured the contract for the east field.
The report stated an additional $1.9bn (KD572m) worth of contracts is expected to be awarded in the fourth quarter in the sector alone.
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