11 October 2023
11 October 2023
Opec also forecasts that $14tn of investment will be needed to meet world oil demand until 2045.
The announcement forms part of government-backed Kuwait Petroleum Corporation’s 2040 strategy.
In the wake of the conflict, Israel has shut down production at the offshore Tamar gas field, which is operated by Chevron.
The scope of the contract will see Turan offer drilling, maintenance, procurement and warehouse management services.
The facility will be located in Ras Laffan Industrial City and is expected to commence production in late 2026.
The first vessel is expected to be ready by 2025, when DeepOcean will charter it for eight years.
The Ghasha offshore gas concession is expected to produce more than 1.5 billion cubic feet of natural gas per day.
The Israel-Hamas conflict has resulted in a $3.10 increase in the price of Brent crude to $87.68 a barrel at 0400 GMT.
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