A newly signed agreement between BP and Kuwait Petroleum Corporation (KPC) aims to allow both companies to invest in oil and gas products in Kuwait and beyond.
BP CEO Bob Dudley and KPC CEO Nizar Al-Adsani inked the agreement.
The outline of the agreement details joint venture opportunities for both companies within the sectors of oil, gas, training and petrochemicals.
“BP’s commitment to Kuwait dates back to our participation in the discovery of the giant Burgan oil field in the 1930s, and we are there today extending the life of the field,” Dudley said. “We look forward to working with KPC to help the people of Kuwait realize the full potential of their nation’s oil and gas resources and exploring new opportunities globally.”
The intention of both globally recognized companies is to improve oil and gas recovery from Kuwait as well as other regions across the globe through joint ventures. The agreement also includes details of potential oil and gas trading arrangements to include LNG trading and other projects.
Within the agreement, the two corporations will have options for investment in midstream and petrochemical projects. There is also an opportunity, as part of KPC’s petrochemicals projects, to deploy BP’s exclusive paraxylene technology.