Oil exploration firm Kuwait Oil has awarded a $334 million consultancy contract to US-based engineering and construction firm Fluor Corporation, according to Reuters, which cited Kuwait's state news agency KUNA.
Reuters quoted KUNA reporting that Kuwait Oil had contracted Fluor to manage a few of its undisclosed projects and partake in other development work during the next five years as an extension of a previous agreement.
According to a senior executive at Kuwait Oil the deal is expected to help increase its production levels.
Fluor is also negotiating with state-refiner Kuwait National Petroleum for a $2 billion tender to develop a 615,000 barrels per day refinery in the country, according to Reuters which quoted industry sources in its report.