Kuwait to Open Up Key Oil Fields, Pipelines to Foreigners

Kuwait is planning to open up some of its oil fields to overseas firms and lease part of its pipeline network, a significant move by the OPEC member as it looks to position itself as a key investment destination in the Middle East.

Kuwait Petroleum Corp. is pursuing a plan to invite international oil companies to assist its production arm, Kuwait Oil Co., in the development of offshore fields, Prime Minister Sheikh Ahmed Al-Abdullah Al-Sabah said at a conference in Kuwait. The deals are likely to be in deposits such as Jazah, Jlaiaa and Nokhitha, where Kuwait wants to boost production levels.