Kuwait Oil Company (KOC) plans to tender this year for oilfield enhanced technical service agreements, the chief executive of the state-run company said on Monday.

“We are in the process of issuing this tender during this year,” Hashem Hashem told reporters on the sidelines of a conference in Bahrain.

BP, Chevron, Total and Royal Dutch Shell were interested in such deals, Hashem said.

KOC, the upstream arm of Kuwait Petroleum Corporation, wants to increase crude output and develop some of its oilfields including Burgan, the world’s second largest.

The plan is part of efforts to meet the OPEC member state’s target of 4 million b/d by 2020. Kuwait currently produces around 3 million b/d and exports around two-thirds of that output.

Kuwait’s oil production capacity is around 3.2 million b/d and plans to raise output are proceeding despite a fall in oil prices since mid-2014, Hashem said.

“We have a plan which we are progressing with. The oil price (drop) as we see it is a temporary thing,” he said.

Kuwait aims to increase its oil and gas drilling rigs by 50% by early next year to 120.

“All those 120 rigs are onshore,” he said, adding that KOC plans offshore exploration drilling in 2016.

Source: Reuters