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Friday , January 22 2021

KOC set to ink deal for drilling towers supply

KUWAIT CITY, Nov 15: Kuwait Oil Company (KOC) is putting the final touches to sign contracts for the supply of 31 drilling towers with nine local and international companies at a total cost of KD 230 million (equivalent to $750 million), reports Al-Anba daily quoting a reliable source. The source disclosed the contracts will be valid for five years; indicating this is part of the company’s efforts to expand its drilling, exploration and development operations in line with the 2040 strategy, as well as to implement an intensive program to develop newly explored oil reservoirs.

He said the two local companies are Burgan Wells Drilling and Kuwaiti Drilling Company (KDC); while the seven international companies are represented by Chinese company Sinopec, Jerry, Aleph, Egyptian company Sino Tharwa Drilling and Schlumberger. He revealed that KOC intends to drill about 400 new crude oil wells and non-associated gas upon delivery of the new towers, increasing the total number of towers in the country to 150 – 80 for drilling and 70 for repairing wells. He said the number of repair operations exceeds 1,100 annually.

Last year, KOC completed exploratory drilling operations that contributed to the realization of its strategic objectives in terms of increasing reserves. The company also succeeded in extracting oil from the third Burgan layer using modern technology for reading layers of the earth, especially the water between these layers.

The modern technology keeps water as far as possible in order to increase production; lessen the drilling of experimental wells; reduce the cost by KD 190,000; and produce 2,340 barrels of oil per day. It maintains water level to three percent of the total production compared to other similar wells, which produce an average of 800 barrels of oil per day, the source added. According to the source, KOC is keen on increasing the country’s crude oil production capacity from 3.15 million barrels per day to four million barrels by the year 2040.

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