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KPC board approves to take KD 2 billion loan from local banks

KOC takes big leap in drilling wells

KUWAIT CITY, Jan 12: During its meeting yesterday, the Kuwait Petroleum Corporation’s board of directors has taken vital decisions, including approval for the corporation to borrow two billion dinars from Kuwaiti banks to finance the corporation’s strategic projects, as part of the borrowing program in accordance with the Cabinet’s decision in this regard, reports Al-Rai daily.

The same sources revealed the Board of Directors have approved the budget of the Kuwait Gulf Oil Company’s operating costs for 2020 of up to KD 400 million for Al Khafji and Al Wafra.

As for the company’s capital budget, an additional budget was approved with the carryover from the previous budget. The Board of Directors also approved the operational budget of Kuwait Foreign Petroleum Exploration Company (KUFPEC) worth $170 million, and take into consideration the observations made by the Audit Bureau, recommending that the issue be followed up.

In the meantime, the KPC’s board of directors have approved the request of the Vice-Chairman and Chief Executive Officer of the Corporation, Hashem Al-Hashem, to improve the specifications of vehicles working operating in the oil sector, in accordance with health, safety and environmental standards, provided that the corporation’s CEO has the power to define them.

Meanwhile, the Kuwait Oil Company has made a record jump in drilling (developmental and exploration) wells during the past five years, reports Al-Anba daily quoting an official source.

The KOC disclosed the company has drilled 2,482 wells whose cost was KD 3.4 billion. The source said the plans for the development of oil reservoirs at the KOC are subject to regular periodic reviews that guarantee the good performance of the reservoirs and at the same time ensure the maintenance of the oil fl ow.

The source pointed out the average cost of drilling a single well is about KD 1.5 million. Giving a breakdown the KOC said the company drilled 444 wells for crude oil and gas during the past financial year in all areas of the company’s operations through the use of 108 drilling rigs and well maintenance (65 drilling rigs and 43 drilling rig maintenance devices).

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