PETROLEAGUE IS A TEAM OF OIL FIELD PROFESSIONALS WITH GLOBAL EXPERIENCE COLLABORATED TOGETHER TO BUILD A CAREER PORTAL SPECIFICALLY TO HELP OIL FIELD WORKERS WHO ARE INTERESTED IN JOINING OIL INDUSTRY BY PUTTING THEIR CAREERS DEVELOPMENT ON FAST TRACK BY PROVIDING AN INTEGRATED PLATFORM FOR ALL THEIR NEEDS.

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Kuwait Strategy Of Oilfield Development

2017-10-11 | 10pm

A MoU, memorandum of understanding which has been signed by the governments of Kuwait and Iraq for the development of four shared oil fields in the southern part of Iraq is all set to make its way to the Kuwaiti Parliament for the approval as well as implementation of them. The four oil fields are Al-Abedeli and Al-Ratqa on the Kuwaiti side, and Al-Rumilah and Safawan on the Iraqi side. According to industry experts, such collaboration is forming joint-oilfield operations will be helpful in resolving future oil-related disputes. Moreover, it also ensures better understanding and maximum benefits between both the parties. With the best of the knowledge and technology, this will be quite beneficial in future-energy cooperation, whereas participation of international oil companies will prolong the lives of oil wells. In order to strengthen the relations, the  long term strategy of Kuwait can be illustrated more in the agreement for the conversion of remaining balance of $4.6 billion outstanding from war compensation into long-term investment projects instead of cash payment. As per strategy of Kuwait, this amount will be used for some of its key projects such as developing gas fields, producing electricity, and in other industries as well as for importing crude oil, petroleum products and other goods and services. We are all set to form a joint-venture operation with Iraq and are also looking forward to invite private sector for their participation. Moreover, the southern part of Iraq along with the city of Basra could significant industrial areas with the participation Kuwait. Since independence, it has been our policy to do investment in infrastructure and build schools, universities, hospitals, roads instead of paying cash. All these investment are major part of the Arab and foreign assistance. Till now we are successful and continue to be so. However, both the parties need to agree on the steps which has to be taken such as invitation of consultants to head the project and scope of works. To make this project successful, some of the key oil companies which functions in shared oil and gas fields in the North Sea, in USA and other parts of the world needs to be invited. Finally, parliament must approve the formal agreement for the development of the joint oilfields operations. The whole process needs time  but the Kuwait government wants speedy conclusion due to other mega projects which has to be executed in Basra like power plants and gas developments. .