Trade Arabia reported that Italy's Saipem SpA, a unit of Italian energy firm Eni, has signed a EUR 1.4 billion deal to develop Kuwait's Jurassic oilfield.

The contract was signed between Saipem and Kuwait's al Kharafi Group, which has concession rights to extract, produce and process crude oil from the northern Kuwait oilfield.

The field would be constructed within three years, then the Italian firm would manage it for five years, during which the field is expected to produce 150,000 barrels per day.

(Sourced from www.tradearabia.com)