Saipem SpA of Italy and Kharafi Group of Kuwait signed a 1.4 billion-euro contract to develop the Jurassic oil field in the Persian Gulf country’s northern region, the official Kuwait News Agency reported.
The field is expected to produce 150,000 barrels of oil a day, and Saipem will operate the field for five years under the contract signed today in Rome, the report said.
Preprations at the field will be completed within three years. Kharafi Group holds the operating license for the field, according to the report.
