Kuwait's gas deal with Shell worth $700 mln.
Kuwait's five-year gas agreement with Royal Dutch Shell aimed at helping the OPEC member boost non-associated gas production is worth $700 million, Kuwait's Al Rai newspaper reports Thursday citing unnamed persons.
State energy producer Kuwait Oil Co. said Wednesday it had signed the technical service agreement with Shell to help develop difficult gas fields discovered north of the country in 2006.
Shell and Kuwait Oil Co. didn't give a value for the deal.
Gas-starved Kuwait plans to increase its non-associated gas production to about 1 billion cubic feet a day by 2015 from the current 140 million cubic feet a day to fire its power stations, feed petrochemical projects and use in the country's oil industry.
Kuwait has struggled to meet its targets to boost non-associated gas production due to the complexity and depth of the country's gas fields, which require the expertise of international oil companies.
Kuwait's production of gas produced with oil, or associated gas, has dwindled as the Gulf state complied with OPEC's 2008 decisions to trim oil production in a bid to halt an oil price decline amid a drop in global oil demand.