Western oil majors withdraw from Kuwait as government cuts production goals
ABU DHABI Ñ Western energy majors have begun withdrawing senior
executives from Kuwait.
Industry sources said BP and Chevron have pulled out senior staffers
from Kuwait in wake of the failure to win major energy contracts.
The
sources said the two Western companies have sought for more than a decade to
expand their foothold in the Gulf Cooperation Council sheikdom.
Chevron, the
second largest oil company in the United States, ended its partnership with
the state-owned Kuwait Oil Co. in August 2008, Middle East Newsline reported.
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"These and other companies are downsizing because of the economic
crisis," an industry source said. "Also, Kuwait is no longer seen as an
attractive energy market."
Kuwait has failed to launch projects meant to double its crude oil
production to four million barrels per day by 2020. Parliament has rejected
a series of major energy projects, including exploration along the Iraqi
border and the construction of a 615,000-barrel per day refinery.
