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Tuesday , October 26 2021

KOC to execute KD 865m worth three projects

KUWAIT CITY, Sept 5: Kuwait Oil Company (KOC) will soon implement three huge projects with a total cost of KD865 million (equivalent to $2.8 billion, reports Al-Anba daily quoting sources. Sources disclosed there are five tenders for the construction of oil pipelines with a total value of KD250 million, affirming the Central Agency for Public Tenders (CAPT) will supervise the bidding and this is part of the company’s strategy to increase production. Sources said one tender is for the supply of 15 deep drilling towers worth KD450 million as the company aims to supply deep drilling rigs for a period of five years in order to meet the needs of its drilling group to drill more wells in the next stage and each drilling tower costs KD30 million.

Sources stressed the importance of digging deep wells in producing high quality gas and oil from the Jurassic layer to achieve the strategic goal of producing one billion cubic feet of free gas per day. Sources added the company will also put up for bidding three contracts for cleaning soil contaminated due to the brutal Iraqi invasion. Sources revealed this is the continuation of a project awarded earlier to five alliances, indicating the company allocated KD165 million ($550 million) for the project.

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