KOC, Halliburton sign KD181 million contract

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KUWAIT CITY, July 1, (KUNA): The Supreme Council for Planning and Development (SCPD) held a meeting Monday to discuss Kuwait Petroleum Corporation’s (KPC) 2040 strategy. According to the Council’s General Secretariat, the meeting, headed by SCPD’s chairman as well as First Deputy Prime Minister and Minister of Defense Sheikh Nasser Sabah Al-Ahmad Al-Sabah, attended by Minister of Oil and Minister of Water and Electricity Dr Khaled Al-Fadhel and other council members, focused on the major and general themes of the strategy.

The meeting also touched on the recent global happenings and developments in relation with the Kuwait oil industry and efforts to fulfill the country’s Vision 2035. Meanwhile, Kuwait Oil Company (KOC) on Monday signed a KD-181-million ($597 million) contract for offshore drilling with US field services giant Halliburton, The KD-181-million deal (around $597 million) with Halliburton will hopefully lead to the production of 100,000 barrels per day (bpd), said top official at Kuwait Oil Company (KOC) Monday.

Signing
In a press conference after the signing of the deal, an American multinational corporation, KOC’s CEO Emad Al-Sultan said that the contract involves offshore operations to install drilling towers and services connected with oil wells’ drilling, logistics, and transport.

All precautions have been taken and plans are set in motion to carry out the needed tasks, he affirmed. The tender for drilling operations saw the participation of three global companies and Halliburton was awarded the contract, added Al-Sultan.

Previously, Al-Sultan said that projects enclosed in the contract aimed to increase Kuwait’s crude oil and freegas production. . In a press release, KOC CEO Emad Al-Sultan told a press conference the contract includes exploration and drilling operations for six offshore rigs. He added that projects enclosed in the contract aim to increase Kuwait’s crude oil and free-gas production, commencing a new era of production capacities.

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