Exxon Mobil and Total are vying for a contract to help Kuwait develop its massive heavy oil fields close to the Iraqi border. State-owned Kuwait Oil Co. (KOC) needs outside help to develop the fields and now has the necessary political backing to move forward. But a looming reshuffle of top executives at Kuwait's state oil companies later this year means a final decision on the heavy oil deal is still months away, PIW understands. Exxon and Total are the only international oil companies (IOCs) prequalified by KOC in 2006 for the heavy oil project in northern Kuwait. Exxon initially made some headway, but the project was effectively shelved in 2008, only to be revived this year thanks to the improvement in the country's political climate (PIW Sep.24'07,p1). The two rivals will have to wait a bit longer, however - the reshuffle was originally scheduled for November, but could take place as soon as July. Executives from KOC and other state oil companies will be moved to new posts later tins year, while others will retire, and the competition for the best jobs is predictably fierce. Against this background, being seen to be working with an IOC on a major oil project is a risky move, given the deep suspicion aroused by foreign involvement in Kuwaiti oil projects.
展开▼
