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Lukoil, Gazprom Neft seek to cooperate with Kuwait in oil production - energy minister

"Besides, Gazprom Neft is interested in attracting Kuwaiti investments for fulfilling oil projects on Russia’s territory," the minister said

KUWAIT CITY, March 26. /TASS/. Russia’s oil companies Lukoil and Gazprom Neft have expressed interest in cooperation with Kuwait in oil production, Russian Energy Minister Alexander Novak said in an interview with Kuwaiti newspaper Al-Seyassah.

"Now Russia’s companies do not take part in implementing major projects in prospecting and drilling in Kuwait. At the same time, the Lukoil company is ready to consider participation in such projects on Kuwait’s territory," said Novak, who arrived in Kuwait city to attend a meeting of OPEC and non-OPEC Joint Ministerial Monitoring Committee.

"Besides, Gazprom Neft is interested in attracting Kuwaiti investments for fulfilling oil projects on Russia’s territory," the minister said.

On the eve of the committee’s meeting, Russia’s business delegation, which arrived with the minister, held talks with the Kuwaiti side. The parties discussed possible cooperation in nuclear energy, import of technologies and also supplies of liquefied natural gas.

At the meeting of the OPEC and non-OPEC Joint Ministerial Monitoring Committee on March 26 the ministers will assess the rates of reducing the oil output.

Russia has cut oil production by 185,000 barrels per day under the agreement with OPEC, Novak told reporters on Saturday. All the non-OPEC oil producing nations showed a 64% compliance rate with crude oil output cuts in March, Kuwaiti Energy Minister Essam Abdulmohsen Al Marzook told reporters.

In February, OPEC achieved 100% compliance with the plan on cutting oil production as Saudi Arabia compensated for other cartel members by reducing output by 800,000 barrels a day instead of 486,000.

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