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Fri 17 Dec 2010 11:24 AM

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Saipem wins 1.4bn euro deal to develop Kuwait oilfield

Contract signed between Saipem and al Kharafi group

Saipem wins 1.4bn euro deal to develop Kuwait oilfield
The field is expected to produce 150,000 barrels per day (Getty Images)

Italy's Saipem SpA, a unit of Italian energy firm Eni, has signed a 1.4bn euro deal to develop Kuwait's Jurassic oilfield, Kuwaiti state news agency said on Thursday.

The contract was signed between Saipem and Kuwait's al Kharafi group, which has concession rights to extract, produce and process crude oil from the northern Kuwait oilfield, the agency reported.

The agency said the field would be constructed within three years, then the Italian firm would manage it for five years, during which the field is expected to produce 150,000 barrels per day.

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